Farm

Farm and agriculture tax is our history and future. We have your back.

Farm

Let's Get Growing.

As a farmer you work hard for your money and our farm tax specialists work hard to ensure you keep as much of it as possible.

For over 65 years we've been helping farmers like you to minimize taxes and maximize credits through tax preparation, tax planning, bookeeping and financial planning.

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farmers benefit

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dollars saved


Cash or Accrual Method of Farm Accounting?

The simple difference between cash or accrual method of accounting is the time at which you account for each income or expense item. But, the tax consequences of which one you decide to use is a much more complicated topic.

We can help you determine which is best for you and help you switch if it makes sense for your farm operation. We’ll meet you on your farm, get to know you and your operation, and go through your records for onsite data collection. With that understanding and our knowledge of farm tax strategies, we’ll minimize your taxes and save you money.

Find out which method of accounting is good for me

 

farmer-tax-planning

Cash Accounting

If your business meets the Income Tax Act definition of "farming" you are eligible to use the cash method of accounting for tax reporting. If you have a small farm with activities that remain fairly constant from year to year, cash accounting could be quite adequate.

It's a simple system in which you report income in the fiscal period in which you receive it and deduct expenses in the fiscal period you pay them.

Learn More

Accrual Accounting

If your farm operation is growing, you're adding or changing your product mix and production processes, or manage fluctuating inventory, accrual accounting will be very essential to sound business management.

With accrual accounting you record income and expenses when a sale or purchase is made, even if the money hasn't yet changed hands. Accrual accounting involves a double-entry system of debits and credits. It lets you balance your books, and allows you to produce all sorts of different financial statements.

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Services for Farms & Agribusiness

Your FBC Tax Specialist will come meet you at your office, home or farm and get to know you and your operations. We'll help you build a comprehensive tax strategy to minimize your taxes, save you money and prepare for your future.

Tax Preparation
Nothing missed. Everything gained. We save you time and money by coming to you during our personal on-site visit to collect your tax data.
Tax Planning
We help you build a custom personal, family, and business tax plan to maximize your savings today and over the long term.
Consulting
As your business grows, so will your tax strategies and goals. We help you stay updated and ease the growing pains.
Audit Representation
We have you covered. As a Member with FBC, allow us to represent you if you're ever audited by the CRA, at no extra cost.
Bookkeeping & Payroll
Sit back and relax. We'll do the grunt work for you when it comes to your books. Less stress for you means more time for the important things in life.
Financial Planning
Take a chance on yourself but never your financial future. This powerful tool allows you to experience a calculated approach to growing your assets and protecting your hard-earned money.
Estate Planning
We'll help you create a comprehensive plan to ensure more money goes to your heirs and loved ones and less to the government.
Legal & Compliance
We'll take care of the CRA so you don't have to. Allow us to make sure your business' legal documents are filed and maintained properly.

Farm Risk Management & AgriStability

Risk Management is a core component of your farm tax strategy.

 

Nothing can get in the way of weather's wrath or the increasing risk of pests and diseases.

It's not a matter of "IF" your farm will be impacted, it's a matter of "WHEN." Let's plan for proper insurance and risk mitigation. We can help you apply for and process claims for most of the federal and provincial programs that manage your farm risk management like Growing Forward 2, AgriInvest, AgriStability, AgriInsurance and AgriRecovery.

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FBC Farm Members choose to participate in AgriStability.

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FBC Farm Members participating receive benefit

0 ,093

Average AgriStability payout.

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Total AgriStability payouts to FBC Farm Members last year.

 

Looked At Last Few Year's Returns and Found $90,000.

"FBC has been a wonderful find for our family. We came to them about 15 years ago."

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Making The World A Better Place, one farm at a time.

Our clients' farms are important to them so they are important to us. Here is what some of them have to say!

The Financial Farmer Blog

From risk management to budgets to crop rotation and everything inbetween, here's the most recent farm articles from our blog.

"Try to save something while your salary is small; it’s impossible to save after you begin to earn more." — Jack Benny