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
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
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
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
Seven ways incorporating your farm can improve your operation
Successful farms depend on having smart, strategic people, no matter what structure. However, being incorporated has forced farms to create accrual financial statements and operate under certain rules of engagement, which has jumpstarted more professional behaviour, such as having farm meetings.
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
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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Keystone Agricultural Producers defends cash ticket deferrals
Manitoba’s Keystone Agricultural Producers has joined other farm groups in calling on the federal government to keep a regulation that allows farmers to defer grain sales into the following year for tax purposes. The government announced in its recent budget that it is considering eliminating grain ticket deferrals because it is a left over from[...]
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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
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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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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