GFM Network News


New accounting standards for farms proposed

Canada’s accounting standards organization wants to 
make farm accounting simpler and more predictable

Canada’s professional standards body for accountants is developing new accounting standards for Canadian farms. A standardized approach will make understanding farm accounts simpler and business more straightforward, the Financial Reporting & Assurance Standards Canada says. Currently there’s a hodgepodge of ways to do farm accounts, mainly due to the unique nature of these businesses, said […] Read more

The lowdown on tax filing for farmers

That time of year is coming around again — here are some things to bear in mind as you prepare your tax return

If you raise a few farm animals or have a plot to grow your own food, you are considered a hobby farmer, rather than a business, and you can’t deduct any expenses or losses. But if you devote the majority of your time to farming by investing in buildings, machinery, and inventories to run the […] Read more