GFM Network News


doing paperwork on a desk

New accounting standards for farms proposed

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

Reading Time: 2 minutes 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

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

Reading Time: 2 minutes 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