Reading Time: 2 minutes Ottawa has seen enough drought in parts of southwestern Alberta, southern and eastern Ontario and southwestern Quebec to offer deferrals on their ranchers’ 2016 income tax from breeding livestock sales. Agriculture Minister Lawrence MacAulay on Tuesday released the federal government’s initial list of municipalities designated for the 2016 deferral. In Alberta, those areas include Clearwater, […] Read more
Drought-hit tax deferral zones named
Plan before you retire
Whether you’re selling or if you’re transferring farm assets to the next generation, tax-smart retirement takes planning… and time
Reading Time: 10 minutes In 2011, 48 per cent of Canada’s farmers were 55 years old or older. Five years earlier, the number had only been 41 per cent. If you draw a straight line, that means 55 per cent of farmers are now 55 or older. And it also means our median age is approaching 65! Whether that’s […] Read more
Liberals boost tax on quota
Planning to sell quota that is held in a corporation? Get some strategic tax planning, quick
Reading Time: 3 minutes Not surprisingly, the national media focused on proposals like the new tax-free Canada Child Benefit program when the Justin Trudeau government presented its first federal budget back in March. Buried underneath all the feel-good news, however, were some potentially painful changes to Eligible Capital Property (ECP) tax rules for incorporated businesses. Common examples of ECP […] Read more
Drought-related tax deferral zones expand in West
Reading Time: 2 minutes More livestock producers in the West who had to sell breeding stock due to drought in the 2015 tax year will be able to defer some or most of that income at tax time. Federal Agriculture Minister Lawrence MacAulay on Tuesday announced more designated areas in all four western provinces where producers will be eligible […] Read more
Tax deferrals kick in for soaked and parched West
Reading Time: 3 minutes Ranchers under pressure from this year’s drought in B.C. and northwestern Alberta and excess moisture in western Manitoba and eastern Saskatchewan may get income tax deferrals for their trouble. The federal government on Tuesday released its first list of designated areas for 2014, within which eligible producers who sold breeding livestock may be allowed to […] Read more
A message from April Stewart, Country Guide's Associate Editor
