Public consultations on the income tax treatment of deferred grain cash tickets, with an eye toward “potential elimination” of farmers’ option to defer grain income, have been extended by two months. The federal government on Tuesday said the consultation, first announced in Finance Minister Bill Morneau’s March budget and due to end Wednesday, will instead […] Read more
Deadline extended for comment on cash ticket deferral
Farm sales to co-ops to count for small business deduction
Changes to federal tax law that were meant to block “multiplication” of the small business deduction for corporations won’t apply to farmers’ sales to co-operatives. The federal government on Friday released draft amendments to the Income Tax Act, which would allow qualifying farmers and fishers selling to agricultural and fisheries co-operatives to be eligible for […] Read more
Drought-hit tax deferral zones named
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
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
Drought-related tax deferral zones expand in West
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
Tax deferral an option — but is it your best one?
Experts say you should run the numbers and get expert advice before deciding how much tax to defer
Reading Time: 4 minutes It’s a classic ‘good-news, bad-news’ story. The bad news is: If you’re a producer reading this in Alberta, chances are you live in one of the vast majority of Alberta municipalities devastated by drought or other inclement weather. The good news is you may be eligible for the Federal Livestock Tax Deferral, which allows producers […] Read more
Tax deferrals kick in for soaked and parched West
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
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