GFM Network News

Is it time to incorporate your family farm business?

Reading Time: 2 minutes If you run your farm as a proprietorship or partnership and if your total income puts you in any but the lowest personal tax bracket you might want to consider incorporation for several reasons, including limited liability and preferential income tax rates. When you incorporate your farm business it becomes a separate legal entity that […] Read more

Which business structure is best for your farm operation — proprietorship, partnership or corporation?

Reading Time: 4 minutes Although the majority of farms in Canada are operated as proprietorships (which I discussed in my December article), there are many farm businesses that would be better structured as a general partnership. In the business of farming, family partnerships — for example, parent/child or spousal/common-law partner arrangements — are popular choices. What defines a partnership? […] Read more

Structuring Your Farm Family Business

Reading Time: 4 minutes Like any other business person, you have several options when it comes to choosing the legal business structure for your farm operation. In deciding which option will best suit your unique situation, the issues you will need to consider are: taxation, liability, ownership or management control, resources and exit strategies applicable to each type of […] Read more

Year-End Tax Planning That’s Worth The Investment

Reading Time: 3 minutes If you have never considered doing year-end tax planning, challenge yourself to answer the following questions: Do you know the current profitability of your farm operation? Do you know your planned revenue and expense transactions from now until the end of your fiscal year? Do you know your anticipated farm profitability at year-end based on […] Read more

The three pillars of tax-efficient investing

Reading Time: 5 minutes The three investment pillars: 1. Income deferral 2. Income splitting 3. Income conversion Once you have a portfolio of off-farm investments, you should plan to review those investments on a regular basis to ensure you are achieving your investment goals as well as minimizing the income tax they generate. A good time to do this […] Read more

These registered plans are designed to help you save with specific goals in mind, such as the retirement lifestyle you would like to enjoy

Reading Time: 2 minutes Your off-farm investments can be directed to either registered deferred income plans or to a non-registered portfolio. This article focuses on registered plans, all of which are subject to limitations set by the Income Tax Act. The best investments for you depend on your unique situation. Many taxpayers are apt to find a Registered Retirement […] Read more

key to meeting long-term goals

Reading Time: 3 minutes Selling some farm owners on the wisdom of investing their hard-earned dollars in anything other than their own business can be difficult. They may want to put extra funds into buying more land or marketing quota to expand their operation. Or they may feel it’s best to direct funds towards various farm improvements or to […] Read more