GFM Network News


Add one more harvest worry to the list — the prospect of higher taxes. But experts say a personal pension could reduce that hit and provide a host of other benefits.

Worried about federal tax changes? There’s an alternative, say experts

Federal Liberal bid to close ‘loopholes’ will increase taxes on most 
farm corporations, but there’s a way to avoid that hit

Reading Time: 3 minutes Proposed federal tax changes aimed at ‘income sprinkling’ and other tax reduction measures used by corporations — including those owned by farmers — have ignited a storm of controversy. But there are “a lot of other tax strategies” that farmers can use, say financial planning experts. In July, federal finance officials announced proposed changes to […] Read more

Federal Finance Minister Bill Morneau is proposing changes to “level the playing field” by changing income tax rules that allow some to avoid tax through “fancy accounting schemes.” But Alberta farm business experts say they will have a big impact on farmers.

Proposed tax changes could hit farmers hard

Ottawa’s plan to make wealthy Canadians pay their fair share of taxes could cripple your retirement or succession plans

Reading Time: 4 minutes Proposed changes to the federal income tax act could have far-reaching consequences for Canadian farmers. “The proposals that came out in July are so wide reaching and so complicated that they could significantly impact all farms across Canada,” said Allan Sawiak, a taxation partner at accounting firm Kingston Ross Pasnak in Edmonton. “This will affect […] Read more


Ottawa still considering eliminating deferred grain cash tickets

Ottawa still considering eliminating deferred grain cash tickets

Alberta crop commissions say federal finance officials don’t understand the 
serious impact of eliminating the tax break

Reading Time: 2 minutes Ottawa is extending the public consultations on the “potential elimination” of deferred grain cash tickets by two months. But Alberta farm leaders say federal finance officials have “little understanding” of the importance of the income tax break and “the far-reaching implications if farmers were to lose access to this tool.” “We believe that the government […] Read more



Lethbridge County ‘head tax’ ruled legal

Lethbridge County ‘head tax’ ruled legal

Feeders challenged the $3-per-head business tax on feedlots as unfair, but a judge said the municipal act allows it

Reading Time: 2 minutes Lethbridge County’s controversial ‘head tax’ will be staying put after a judge ruled the tax is legal. “We’re happy that the judge upheld the business tax,” said Lethbridge County Reeve Lorne Hickey. “He felt that under the Municipal Government Act, we were fully capable of putting that tax in place.” The $3-per-head business tax —[...]
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Farmers can grow the Canadian economy — if they’re not shackled

Farmers can grow the Canadian economy — if they’re not shackled

Removing a tool that allows grain farmers to even out their income would hamper their ability to invest in and expand their operations 


Reading Time: 3 minutes As we enter another growing season, farmers are raising concerns over the federal government’s intention to review the option to defer cash purchase tickets — something that came with no warning prior to its mention in the federal budget. From where I sit, a mid-size incorporated family grain farm, we know that the reversal of[...]
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Top view of professional investment advisor woman consulting about financial plan with business management.

Five questions to ask your accountant

It’s tax time again and there are a number of new or imminent personal and corporate income tax changes which could have implications for farm families on their 2016 tax return, or need to be discussed with the accountant to plan for this year. When the federal government announced tax changes in its 2016 budget last March it[...]
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Alberta Wheat fighting to keep tax deferral

Alberta Wheat fighting to keep tax deferral

Ottawa is missing the point when it says grain farmers shouldn’t get a special tax break, says Alberta Wheat chair Kevin Auch

Reading Time: 3 minutes A tax break for grain farmers that Ottawa is considering taking away is deserved and benefits the entire grain sector, says the chair of the Alberta Wheat Commission. “I guess we are asking for special tax treatment but it’s because of our special circumstances,” said Kevin Auch. Following its recent budget, the federal government said[...]
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(Cat.com)

Caterpillar says compliant with tax laws after IRS claim

Reuters — Caterpillar Inc. said Friday it was compliant with tax laws, a week after federal law enforcement officials raided three of the company’s buildings in connection with a probe into the heavy machinery manufacturer’s offshore tax practices. The Internal Revenue Service (IRS) has challenged the company’s taxes for the years 2007-2012, the company said[...]
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