GFM Network News

Greig: Federal tax backtracks aside, much of impact still unknown

Reading Time: 4 minutes The Canadian Association of Farm Advisors’ annual tax update showcased confusion and frustration at the federal government’s shifting plan to change how small business is taxed. “I was very, very offended by all of this,” said Kurt Oelschlagel, of BDO Canada, who was part of a panel on the government changes at the CAFA event, […] Read more

Ottawa scraps plans for new limits on capital gains

Reading Time: 3 minutes The federal finance ministry has backed away from proposed plans for new limits on capital gains exemptions, over concerns of “unintended consequences” for businesses such as farms. Finance Minister Bill Morneau on Thursday announced the federal government “will not be moving forward with measures that would limit access to the LCGE (lifetime capital gains exemption),” […] Read more

Farm groups line up against feds’ tax proposal

Reading Time: 3 minutes National, regional and sector farm groups are forming up with several major business associations on the offensive against a proposal to reform how incorporated businesses are taxed in Canada. The federal finance department tabled a series of proposals July 18, opening them for public comment until Oct. 2 for a proposed effective date of Jan. […] Read more

North Dakotans put ‘corporate’ farming to vote

Reading Time: 2 minutes Reuters — North Dakotans are voting Tuesday in a referendum to repeal a law enacted last year that changed decades of family-farming rules in the state by allowing corporations to own and operate dairy and hog farms. The North Dakota Farmers Union and other groups that collected signatures to put the referendum on the ballot […] Read more

Family farm corporations on the rise

Depending on your farm objectives, building a trust into your corporation may be your best first step

Reading Time: 6 minutes The death of the family farm is widely bemoaned. Activists ask, “What do we really know about these corporations that produce our food?” As it turns out, it’s the same question that many farmers are asking themselves, although in a very different context. How can I be sure that my farm corporation is the best […] Read more

Meeting your legal obligations if your farm is incorporated

Guide Legal: When businessmen become directors

Reading Time: 4 minutes When a business transitions from a sole proprietorship or partnership to a corporation, the move requires a shift in how decisions are made. In particular, making decisions solely as a businessman (or woman, of course) is different from making decisions as a corporate director, so it is important to know how directors’ decisions will be […] Read more