[UPDATED: June 11, 2024] Glacier FarmMedia – Looming changes to Canada’s capital gains inclusion rates will increase average taxes by 30 per cent on the country’s family-run grain farms, putting their futures at risk, according to research conducted by the Grain Growers of Canada (GGC). “Our research shows that an average grain farm in Canada, […] Read more
Family farms at risk from higher capital gains rates: GGC
You can pay less tax on farm succession
Bill C-208 called a game-changer for farm transition, if you know how to use it
Reading Time: 5 minutes Glacier FarmMedia – Taking advantage of the revamped Bill C-208 can offer farmers significant tax savings when it comes to succession. Bill C-208 was initially introduced as a private member’s bill by Manitoba MP Larry McGuire in 2021. The bill sought to amend the federal Income Tax Act to exclude the intergenerational transfer of farms […] Read more
German government dilutes 2024 subsidy cuts after farmer backlash
Farmers protested in Berlin's streets after the announced end of tax breaks last month
Germany's coalition government has agreed to change its 2024 budget plans, a government spokesperson said on Thursday, after subsidy cuts proposed to bring spending in line with debt rules angered farmers.
German farmers protest with tractors against austerity measures
The German government proposed to abolish fuel subsidies to meet savings targets
According to next year's budget, a partial tax refund on agricultural diesel, along with a tax exemption for agricultural vehicles, will be abolished to meet the saving targets - a measure farmers said would threaten their livelihood and the competitiveness of Germany's agricultural sector.
Feds plan to ease Underused Housing Tax reporting load
New exemption also proposed for employee housing outside cities
Federal Finance Minister Chrystia Freeland’s latest Fall Economic Statement offers to take some of the reporting burden off certain farmers and other Canadians when filing for exemptions from the national Underused Housing Tax (UHT). The federal finance department on Nov. 16 posted its legislative and regulatory proposals for changes to the UHT online and has […] Read more
Underused housing tax undue burden on farmers, ag groups say
Many farms can apply for exemption, but the process can be expensive, a letter to federal ministers says
Agriculture leaders say a federal tax on ‘underused’ housing is causing an unintended and undue burden on farmers. “We urge the government to exempt farmers from the requirement to file a [underused housing tax] return,” said a letter sent to federal ministers. The Canadian Canola Growers, Canadian Federation of Agriculture, Canadian Cattle Association, Ontario Fruit […] Read more
CGC, other fed workers to strike Tuesday night if no wage deal reached
Tax season, passport renewals may also be affected
Ottawa | Reuters — Some 155,000 public workers in Canada will go on strike at midnight on Wednesday if they are unable to reach a wage deal with the federal government, the leader of the Public Service Alliance of Canada (PSAC) union said on Monday. PSAC president Chris Aylward said he was “setting a clock […] Read more
Wheat producers can claim tax credit on checkoffs
Those who paid $100 in checkoffs to AWC in 2022 would earn $74 in tax credit
Reading Time: < 1 minute Wheat producers who pay checkoff through the Alberta Wheat Commission and do not request a refund are eligible for a 74 per cent tax credit through the Scientific Research and Experimental Development Fund (SR&ED) program for their investment in wheat research and development projects. For example, producers who paid $100 in checkoffs to AWC in […] Read more
Get a tax credit on checkoffs
Reading Time: < 1 minute Crop commissions are reminding growers that they can get a tax credit for their checkoffs. The Scientific Research and Experimental Development Fund (SR&ED) program is based on the percentage of a checkoff that is used for crop research and development — an amount that varies for each crop. For barley, every $100 in 2021 checkoffs […] Read more
Tax records show decline in Alberta farmers’ income
The StatCan data isn’t easy to parse, but the trend in recent years has been downwards
Reading Time: 2 minutes Even before the pandemic and the drought, Alberta farmers — along with their Canadian counterparts — saw their incomes drop, according to the latest report from StatCan. “Farm families in Alberta earned the highest average total income nationally for a second consecutive year in 2019,” the federal agency said in a recent report. “However, their average […] Read more
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