How Much We Save Our Members

AgriInvest/AgriStability

As of August 2008, with our help FBC Members put $16 Million of AgriInvest/AgriStability benefits in their pockets, with more benefits to come.

ETCs
We often advise clients on what actions to take before their year end to increase tax savings or credits. In one year alone we saved an average of $5300 in tax savings or deferrals for every client we did one of these Early Tax Calls (ETCs) for.

An ETC involves a pre-year-end visit to determine your year-end tax status and suggest steps to take to minimize that year’s taxes payable, maximize that year’s tax refund, or reduce your tax bill over several years.

Audits
FBC represents its Members during CRA audits and CRA challenges of Member tax returns. In the past two years, our work for Members under CRA audit has reduced Member income as proposed by CRA so that these Members saw average tax savings of about $7231 each.

OIA
FBC identified and applied Member Optional Inventory Adjustments (OIA) resulting in $185 million being added to one year of Member income and creating future tax benefits.

Identifying OIA allows an agricultural producer to make a choice:

• To preserve expenses and personal tax deductions and tax credits that could otherwise be lost for the future, OR
• To pay more tax this year to gain a better tax position in the future.