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?
How a second farm corporation may help you at tax time
[The "Next" Issue] If you’re farming with just one corporation, you may be missing a tax trick
Reading Time: 9 minutes Not that many decades ago, Canadian farmers were wondering if they should incorporate their farms or keep on running their businesses as sole proprietorships. Now farmers are asking, ‘how many corporations should we have?” As incorporated farmers make more sophisticated strategic plans, many are adding more than one corporation to their family portfolio. Alongside farm […] Read more
Family farms at risk from higher capital gains rates: GGC
Reading Time: 3 minutes [UPDATED: June 11, 2024] Glacier FarmMedia – Looming changes to Canada’s capital gains inclusion rates will increase average taxes by 30 per cent on the country’s family-run grain farms, putting their futures at risk, according to research conducted by the Grain Growers of Canada (GGC). “Our research shows that an average grain farm in Canada, […] Read more
German government dilutes 2024 subsidy cuts after farmer backlash
Farmers protested in Berlin's streets after the announced end of tax breaks last month
Reading Time: < 1 minute Germany's coalition government has agreed to change its 2024 budget plans, a government spokesperson said on Thursday, after subsidy cuts proposed to bring spending in line with debt rules angered farmers.
German farmers protest with tractors against austerity measures
The German government proposed to abolish fuel subsidies to meet savings targets
Reading Time: 2 minutes According to next year's budget, a partial tax refund on agricultural diesel, along with a tax exemption for agricultural vehicles, will be abolished to meet the saving targets - a measure farmers said would threaten their livelihood and the competitiveness of Germany's agricultural sector.
Feds plan to ease Underused Housing Tax reporting load
New exemption also proposed for employee housing outside cities
Reading Time: 3 minutes Federal Finance Minister Chrystia Freeland’s latest Fall Economic Statement offers to take some of the reporting burden off certain farmers and other Canadians when filing for exemptions from the national Underused Housing Tax (UHT). The federal finance department on Nov. 16 posted its legislative and regulatory proposals for changes to the UHT online and has […] Read more
Underused housing tax undue burden on farmers, ag groups say
Many farms can apply for exemption, but the process can be expensive, a letter to federal ministers says
Reading Time: 2 minutes Agriculture leaders say a federal tax on ‘underused’ housing is causing an unintended and undue burden on farmers. “We urge the government to exempt farmers from the requirement to file a [underused housing tax] return,” said a letter sent to federal ministers. The Canadian Canola Growers, Canadian Federation of Agriculture, Canadian Cattle Association, Ontario Fruit […] Read more
CGC, other fed workers to strike Tuesday night if no wage deal reached
Tax season, passport renewals may also be affected
Reading Time: 2 minutes Ottawa | Reuters — Some 155,000 public workers in Canada will go on strike at midnight on Wednesday if they are unable to reach a wage deal with the federal government, the leader of the Public Service Alliance of Canada (PSAC) union said on Monday. PSAC president Chris Aylward said he was “setting a clock […] Read more
A farm that lasts
Founders’ fees and amortized sales restrictions are just two of the growing list of strategies that farm families are adapting to ensure their farm survives for future generations
Reading Time: 5 minutes Maybe nothing has ever been certain on the farm, but today it feels more true than ever before. There’s so much more to worry about than just weather and weeds. Who could ever imagine the global supply chain would be turned upside down by a virus? Or that you wouldn’t be able to source parts […] Read more
Selling the farm
It’s the biggest decision of your life. More than ever, it takes planning, skilled advisors … and a resilient mindset
Reading Time: 8 minutes You only sell the farm once. Obviously, you don’t get to this point lightly. So, what is your first step? Do you sell the whole farm, or go piecemeal? How can you be sure you get the market price? Will you get nailed for taxes? You’ve spent a lifetime — and there’s a good chance […] Read more
A message from April Stewart, Country Guide's Associate Editor
