While fall is one of the busiest times for farmers, it’s also the best time to start thinking about your taxes.
Engaging in tax planning for your farm now allows you to get organized and assess what cost-saving actions you can take before tax year-end to lower your future business or corporate taxes next spring.
Consider this Year-End Tax Planning toolkit for your farm your roadmap to help you get organized, reduce your tax burden, and keep more money in your pocket. In here you’ll find some of the most successful year-end tax planning strategies we employ for our Members who farm or own agribusinesses.
Get your free toolkit now.
Your free 44-page toolkit includes 11 key strategies you can use before year-end to pay less tax:
- Contributing to an RRSP or TFSA. How to calculate your contribution room and engage in a little financial planning for your situation and goals.
- The income strategies, like income splitting, you may be able to use to lower your taxes.
- Deducting vehicle expenses with an accurate mileage log.
- How timing the purchase or sale of capital assets can impact your tax position.
- How to take advantage of tax incentives
to make asset purchases. - And 5 more strategies, including choosing between cash or accrual accounting.
You work hard for your money. We help you keep it.
Every day, working with FBC brings your business year-round value—including tax preparation, tax planning, financial and estate planning, audit representation, bookkeeping, payroll and much more.
We work around your schedule. Whether it’s on-the-go, at your job site, or your kitchen table, we are where you need us to be.
With more than 70 years of experience, we understand the needs of Canadian farmers and
small business owners.
We know taxes. We can help.