Farm businesses have special status under certain provisions of the Canadian Income Tax Act (ITA).
Along with fishing operations, farmers can use the cash method of accounting (or cash accounting) for reporting income for income tax purposes.
On April 10, 2018, Finance Minister Donna Harpauer delivered her first budget as Finance Minister. The Finance Minister pointed to the province’s continued shift away from a reliance on natural resource revenue as a positive sign for the economy: Natural resource revenue is projected to make up 10% — or $1.48 billion — of what the province brings in.
The 2018 Ontario budget contains several tax measures affecting individuals and corporations, including the elimination of the high-income surtax from the calculation of total Ontario personal income tax.
Alberta faces 5 more years of deficit and billions of dollars in mounting debt before it sees a balance sheet back in the black. It tells a story of an economy still recovering from a lingering oil price shock and struggling with the market access problems with its crude.