Many farmers use the cash method of accounting; however, there are benefits to using the accrual method of accounting.

When the Canada Revenue Agency website flags a “tax-free” scheme as something to avoid, listen. If the words “tax-free” and Registered Retirement Saving Plan are combined in the same sales pitch, run for the hills.

Does your portfolio contain foreign investments? CRA has its sights on undeclared foreign income. Foreign investments, including property, are not immune to scrutiny.

More small businesses including farms, are being audited. Some audits are random. Others are in response to common red flags. A survey of the 100,000+ members of the Canadian Federation of Business indicates that about 21% of small businesses were audited in 2005, compared with only 16% in 2001.

You could donate it to charity or to a government agency for protection in perpetuity and get peace of mind and a nice tax break in return.

It might have been prompted by the spirit of the season. Then again, election campaigns have been known to loosen the purse strings of many a government seeking a return to power. Regardless, goodies are goodies.

One recently announced by the federal government is an increase in the tax credit applied to dividends from large corporations.

Losing a business is heartbreaking. Losing all your personal assets at the same time is a disaster. Here are some tips to protect your retirement nest egg and your home should the worst-case scenario occur.

Most business owners invest a great deal – financially, emotionally and physically – in creating a successful venture. That’s why it’s critical to be prepared for the worst-case business scenario and put plans in place to protect those hard-earned assets from creditors

The Canadian Cooperative Association is pleased that the federal government will follow through on its 2005 budget commitment to reduce the tax burden of co-op patronage dividends.

Incorporating a farm or small business brings its share of headaches, but for farmers paying what they think is too much income tax, incorporation deserves a serious look. Preferential tax rates available to small businesses make incorporation a lucrative tax advantage for these companies.