Reading Time: 3 minutes It didn’t take long in my accounting career to learn that farmers don’t like paying income tax. No one does really, but farmers seem to have a particular disdain for sending money to Ottawa. I think there are a few reasons for this. One is cash basis income tax treatment which means farmers can often […] Read more
Why do farmers hate paying taxes?
Unusual third assessment run for livestock tax deferrals
Reading Time: 2 minutes In an unusual move, Agriculture and Agri-Food Canada has undertaken a third assessment for the federal livestock tax deferral. “Federal officials are currently finalizing the analysis to identify whether any additional regions have met the criteria for the livestock tax deferral,” AAFC spokesperson James Watson said. Under the deferral plan, cattle producers affected by severe […] 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
Drought-related livestock tax deferral zones expand
Reading Time: 2 minutes More ranchers in Alberta, Ontario, Quebec, British Columbia and Nova Scotia will be able to defer some of their taxable income from livestock sales in 2016 due to drought. The federal government on Tuesday announced a second list of drought-designated regions where the livestock tax deferral provision will be allowed, along with the areas of […] Read more
Tax treatment of deferred grain cash tickets under review
Reading Time: 2 minutes Grain growers in Canada who take deferred cash purchase tickets for crops are being asked whether it’s time to get rid of the rule that allows income from those tickets to be put off to the following tax year. Tucked into federal Finance Minister Bill Morneau’s budget on Wednesday was an announcement of public consultation, […] Read more
Drought-hit tax deferral zones named
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-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
Look to crop insurance first: Ritz
Reading Time: 2 minutes While many crops across Western Canada are withering under intensifying drought, Agriculture Minister Gerry Ritz says ad hoc programs are not the answer should producers require assistance. However, tax deferral will be available for affected ranchers. “We don’t need ad hoc (assistance), we’ve got a very comprehensive system of business risk management,” said Gerry Ritz, speaking […] Read more
West’s soaked, parched tax deferral zones expanded
Reading Time: 3 minutes More rural municipalities and counties that saw drought or excess moisture last year have been added to the federal list of areas where ranchers may now defer some of their 2014 taxable income. The federal government on Thursday rolled out its final list of designated areas for the 2014 tax year, adding to an already-long […] 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
