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Tax Planning

Capital Cost Allowance for Farmers

farmer with tractor capital cost allowance

Last updated: Feb. 21, 2022 
If you need to buy a major capital asset like a building, machinery or equipment to use in your farming business, consider buying it before the end of your fiscal year to claim tax depreciation, or capital cost allowance (CCA), to reduce your income on your tax return. What is capital … Read more

Tax deductions for Canadian farmers

farmer sitting in field

Last updated: Jan. 29, 2022 
Most of the tax rules that apply to Canadian business owners also apply to farmers and agricultural producers. There are however some expenses, tax deductions and write-offs that apply specifically to employment income earned through agricultural activities that will help lower your business tax bill. Expenses, tax deductions and write-offs for … Read more

Things you should know about tax write-offs in Canada

things you should know about tax write offs

Last updated: Jan. 24, 2022 
What Is a Tax Write-Off? A tax write-off is simply another way of saying “tax deduction.” With a tax write-off, you can deduct a large number of expenses approved by the Canada Revenue Agency, all of which help to significantly reduce your taxable business income. For example, if you make $100,000 a … Read more

What you need to know about small business tax filing

what you need to know about small business tax filing

Last updated: Jan. 23, 2022 
If you’re self-employed or a small business owner, getting ready for tax filing can be daunting. You already have a lot on your plate from running your business. And you need to keep on top of deadlines and tax changes, and hunt down your receipts, slips and other documents. We know … Read more

The Palmateers – Three Generations of Sugar Bush Farming

Last updated: Jan. 5, 2022 
After three generations of running a maple sugar bush and custom crop farm, the Palmateer family thought they’d seen it all – then COVID-19 hit. With no in-person sap season events or annual pancake breakfast weekends to help promote their Palmateer Maple Syrup, they found themselves facing an unprecedented challenge to … Read more

What is the TFSA limit for 2022?

Last updated: Jan. 5, 2022 
We’re nearing the end of 2021 and it’s a good time to think about building up your tax-free savings account (TFSA).  If you haven’t already opened an account, you may want to consider starting one. We’ve covered the TFSA rules and how you can take advantage of this investment option in … Read more

What you need to know about Bill C-208

multi-generational family image

Last updated: Jan. 5, 2022 
Bill C-208 passed royal assent at the end of June. Since then, there has been some confusion on its application and what the legislation will and will not permit. Canada’s Finance Minister has now confirmed that the bill is federal law, but there are intentions to amend it in November of … Read more

Benefits of incorporating your farm [lower taxes]

female poultry farmer

Last updated: Jan. 5, 2022 
Whether you want to shelter farm income from high personal tax rates due to increased off-farm income, or your profits surplus is beginning to go beyond your personal expenses – you may be asking yourself if your business structure needs a revamp. Back in 2016, an average of 51.71 per cent … Read more

Budget 2021: 7 Highlights for Farmers and Business Owners

Canada flag COVID announcement federal government

Last updated: Jan. 5, 2022 
Last week, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the federal budget for 2021. Below are select highlights that may have a positive impact your business or farm: 1. Covid-19 subsidy extensions and program winddowns The good news is that proposed budget will extend the current wage subsidy, … Read more