GFM Network News

Got one or more of these in your office? Then you’re not only likely allowing some tax deductions to slip through your hands, you’re violating rule No. 2 on Carman Praski’s Top 12 tax-saving tips.

Top 12 tax-saving tips for your farm

Some require help from an accountant or adviser, but others are things you can do yourself

Reading Time: 4 minutes Every farmer wants to pay less in taxes, but it can be hard to know where to find those savings. “How do you feel confident you’re paying the least amount of tax possible? It’s tough,” said Carman Praski, business development representative at Farm Business Consultants. At the recent Ag in Motion virtual conference, Praski offered […] Read more

Tax credits available for cereal checkoffs

Tax credits available for cereal checkoffs

Reading Time: < 1 minute Cereal farmers who pay Alberta Wheat’s and Alberta Barley’s checkoff are eligible for Scientific Research & Experimental Development Fund (SR&ED) tax credits. For wheat, the tax credit is 31 per cent while for barley, it’s 13 per cent. The federal program encourages R&D investment by giving claimants tax credits for their expenditures on eligible R&D […] Read more

Tax credit available for canola checkoffs

Tax credit available for canola checkoffs

Reading Time: < 1 minute Canola growers who haven’t requested a refund of their checkoff from the Alberta Canola Producers Commission qualify for a tax credit. The Scientific Research and Experimental Development (SR&ED) tax credit allows canola growers to claim the credit for the portion of the checkoff paid that was used to fund qualifying research. “Farmers are funding research […] Read more

Canola checkoff tax credit available

Canola checkoff tax credit available

Reading Time: < 1 minute Canola growers who didn’t ask for a checkoff refund last year can get a tax credit for the portion used for qualifying research. The tax credit rate for Alberta canola producers in 2018 is 17.43 per cent. That means a grower who paid $100 in canola checkoffs would receive a $17.43 tax credit. The Scientific […] Read more

Transferring land without tax is usually essential for a succession and so farmers need to pay attention to a new interpretation of rollover rules, says a well-known Alberta succession expert.

New rollover rule for farms could flatten some succession plans

A do-nothing strategy could be costly — consider transferring some land today, says succession expert

Reading Time: 4 minutes A new interpretation of the farm rollover rules has been giving Merle Good heartburn since the Canada Revenue Agency came out with it in June. “That’s the one that scares the hell out of me,” the farm succession expert said at a recent Alberta Canola Powering Your Profits event. “The rollover allows us to transfer […] Read more

The equine industry is not ‘zero rated’ for GST, which means the tax must be charged when horses are sold.

Horses should be classed as livestock, argues industry group

Horse industry should receive the same benefits as other livestock sectors, says Horse Welfare Alliance of Canada

Reading Time: 2 minutes Horses and other equines should be formally classed as livestock, says an advocacy group. “We have situations in various parts of Canada where provincial governments, in British Columbia in particular, are denying farmer status to people who are in the business of breeding equines including mules, donkeys, and horses,” said Bill desBarres, chair of the […] Read more

Checkoff tax credits available for farmers

Reading Time: < 1 minute Alberta Barley advises farmers that 17 per cent of their 2017 checkoff payment is eligible for the Scientific Research & Experimental Development (SR&ED) tax credit. Farmers must include Form T661 with their tax return along with either Form T2SCH31 (incorporated businesses) or Form T2038 (individuals). Farmers can learn more about the SR&ED program by visiting […] Read more

Are you keeping your accountant awake at night?

Are you keeping your accountant awake at night?

The thought of farms getting hit with a huge — and unnecessary — tax bill is a scary one, say two tax experts

Reading Time: 3 minutes What keeps you up at night? Up and down commodity prices? Weather? Finding (or keeping) rental land? For accountants Ryan Stevenson and Dean Gallimore, it’s the thought of farmers getting whacked with a tax bill they could easily avoid. “One of the best things about farming is that farming companies can transfer from one generation […] 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

Canadian hundred dollar bills

Tax credits available for checkoffs

Reading Time: < 1 minute Wheat producers who paid the Alberta Wheat Commission provincial checkoff and did not request a refund are eligible for a tax credit. For the 2015 tax year, 20 per cent of the checkoff is eligible for the federal Scientific Research and Experimental Development tax incentive program. The tax credit percentage is based on the dollar […] Read more