Reading Time: 2 minutes Some northern and southwestern Ontario producers who had to sell breeding livestock due to drought in the 2018 tax year can now defer chunks of the income from those sales when filing their income taxes. The federal government on Wednesday rolled out its final list and map of designated regions for 2018 under its livestock […] Read more
Livestock tax deferral map expands again for 2018
All quarantines lifted in bovine TB probe
Reading Time: 2 minutes The mystery of how six Prairie cattle caught a Mexican strain of bovine tuberculosis (TB) is now expected to remain a mystery indefinitely. The Canadian Food Inspection Agency on Monday announced quarantines have been lifted from all Prairie cattle operations tested during its probe of a bovine TB outbreak beginning in the fall of 2016. […] Read more
Saskatchewan, B.C. areas up for livestock tax deferrals
Reading Time: 2 minutes Livestock producers in several more parched municipalities in Saskatchewan and British Columbia will be able to defer income from sales of animals on their 2017 tax returns. The federal government on Tuesday announced its final list of designated regions for 2017, including 20 more municipalities in Saskatchewan and seven in British Columbia. The initial list, […] Read more
CN’s Q4 grain handle down in ‘challenging conditions’
Reading Time: 2 minutes U.S. income tax reform more than offset “challenging” conditions, including reduced grain handle, in Canadian National Railway’s fourth fiscal quarter. Montreal-based CN on Tuesday reported net income of $2.611 billion on total revenues of $3.285 billion for its fourth quarter ending Dec. 31, up from $1.018 billion on $3.217 billion in the year-earlier Q4. The […] 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
Drought-related livestock tax deferral zones widen again
Reading Time: 2 minutes More ranchers in five provinces may now be able to defer some of their taxable income from their livestock sales in 2016 due to drought. The federal government on Aug. 4 announced its final list of drought-designated regions where the livestock tax deferral provision will be allowed for the 2016 tax year, and has included […] Read more
Incorporation pushes farms into higher gear
With 30,000 incorporated farms on 50 million acres, farm incorporation is on the rise in Canada, and not just because of the tax savings. In fact, these other benefits can be even more valuable
Reading Time: 4 minutes Somewhere between loading trucks and getting ready for seeding on his family’s farm near Fort MacLeod, Alta., Stephen Vandervalk stops midway through our conversation, breathes deeply and tilts his head. “I can’t even imagine trying to operate without a corporation,” he says. “How could we compete to buy land at 35 to 45 per cent […] Read more
Small business corporations hit by new tax rules
Some major changes to how Canada Revenue Agency handles small business corporations are costing incorporated farms, especially those focused on expansion
Reading Time: 2 minutes Tax rules change. Some governments try to lower taxes, others claw back those tax wins. Currently, Ottawa seems to be gnawing away at what some see as the very foundation of this country’s economy, small business profits. Incorporated businesses may be losing some of the tax advantages they’ve had over sole proprietorships, but are still […] Read more
Deadline extended for comment on cash ticket deferral
Reading Time: 2 minutes Public consultations on the income tax treatment of deferred grain cash tickets, with an eye toward “potential elimination” of farmers’ option to defer grain income, have been extended by two months. The federal government on Tuesday said the consultation, first announced in Finance Minister Bill Morneau’s March budget and due to end Wednesday, will instead […] Read more
Farm sales to co-ops to count for small business deduction
Reading Time: 2 minutes Changes to federal tax law that were meant to block “multiplication” of the small business deduction for corporations won’t apply to farmers’ sales to co-operatives. The federal government on Friday released draft amendments to the Income Tax Act, which would allow qualifying farmers and fishers selling to agricultural and fisheries co-operatives to be eligible for […] Read more
A message from April Stewart, Country Guide's Associate Editor
