GFM Network News

Farmers who think leasing equipment will allow them a faster tax write-off may find the opposite to be true.

Lease or buy?

Accountant dispels the tax advantage myth of leasing

Reading Time: 5 minutes It’s been offered as accepted fact in more than a few coffee shop conversations that leasing equipment offers significant tax advantages to farmers. Talk to the sales staff at dealerships and you’ll likely hear them make the same claim. Even so, Lance Stockbrugger, a chartered accountant and cash crop producer from Saskatchewan, says the idea […] Read more

Selling land and inventory as soon as possible is not the best financial approach when winding down a farm business.

When the time comes to downsize

To paraphrase Canadian country singer Corb Lund, perhaps you have decided that everything is NOT better with cows around

Reading Time: 4 minutes Maybe it is time to consider gracefully exiting your farm business. There could be multiple reasons for the decision: just one too many tough harvests; an terrible spring for calving out cows like the one Alberta and Saskatchewan saw in 2018; children who genuinely have no desire to carry on the farm business; or perhaps, […] Read more

Is a family trust right for you?

A trust might be an efficient tool for protecting your farm business or for managing family issues at succession, but they aren’t for everyone

Reading Time: 5 minutes Family trusts are commonly used as a convenient way to own shares in a company and as a succession tool for commercial businesses, but they can also be incorporated into a family farm structure…depending on the circumstances. “A farm corporation may have at its disposal favourable tax rules that may allow it to achieve the […] Read more

Sound accounting advice may help you make major donations with an affordable net cost to the farm.

Smart farm strategies for charitable giving

New tax laws and innovative financial strategies give you new ways to make donations with real impact

Reading Time: 5 minutes With fewer farmers facing an insatiable number of organizations needing time and money, the decision of how much to give to whom is getting tougher. What do you want your money to do? How much should you give and when? What are the tax benefits? For many farmers, there’s also the question of how best […] Read more