GFM Network News



Farm groups line up against feds’ tax proposal

National, regional and sector farm groups are forming up with several major business associations on the offensive against a proposal to reform how incorporated businesses are taxed in Canada. The federal finance department tabled a series of proposals July 18, opening them for public comment until Oct. 2 for a proposed effective date of Jan. […] Read more


Canola checkoff tax credit available

Canola growers who didn’t ask for a checkoff refund last year can get a tax credit for the 2016 tax year. The Scientific Research and Experimental Development tax credit covers the portion of the checkoff used for qualifying research. For Alberta canola producers, the credit is 9.77 per cent. For example, for an individual grower […] Read more

Drought-hit tax deferral zones named

In some areas, this is the second year in a row where a lack of feed forced the sale of breeding stock

The federal government is offering ranchers in parts of Alberta hit by drought deferrals on their 2016 income tax from breeding livestock sales. The areas include Clearwater, Lethbridge, Mountain View, Red Deer, Rocky View, Vulcan and Wheatland counties; the municipal districts of Bighorn, Foothills, Pincher Creek, Ranchland and Willow Creek; the Municipality of Crowsnest Pass; […] 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

More producers eligible for livestock tax deferral

Ottawa has announced additional regions where livestock producers are eligible for tax deferrals. This allows producers who faced feed shortages to defer a portion of their 2015 sale proceeds of breeding livestock until the following year. The cost of replacing the animals in the next year offsets the deferred income, which reduces the producer’s taxes. […] Read more


The downside of farm subsidies

Government money is usually welcomed but those 
who take it soon learn it can come with a heavy price

There are certain aspects of farming around the globe that are subsidized either directly or indirectly. In the world of trade, these are sensitive issues. For example, what is the true level of subsidization in China? How does it enhance its competitive advantage? What is the real cost of production? We have many guests in […] 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

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