Farm Taxes

Finance Minister Bill Morneau issued an announcement outlining how he intends to proceed with changes to how passive income earned in private companies is taxed.
The income for Canadian farmers is rising. So too is the value of their machinery and equipment. The tax consultants at FBC can help farm operators take advantage of the various tax savings and deductions available to them.
While the government stated that it is committed to its proposed private company tax measures to address tax planning involving income sprinkling effective January 1, 2018, it is cancelling changes to limit access to the Lifetime Capital Gains Exemption (LCGE).
Voice your concern about the proposed amendments to how private corporations and small businesses will be taxed. Actions you can take include email Members of Parliament and sign petitions.
There are many proposed small business tax changes which can lead to higher taxes; but 3 key items stand out for farmers: Sharing Income, Excess Cash Reserves, and Intergenerational Transfers
The federal and provincial governments in Canada provide farmers with many different grants, subsidies, and contributions. Be sure you're taking advantage of all of them.
Farmers preparing their wills and succession plans should be aware of the details of the capital gains exemption and the capital gains deduction.
Effective tax planning for Canadian farmers helps minimize the amount of after-tax income and maximize any tax obligations.
There are specific tax obligations that relate only to Canadian farm businesses and tax planning. Follow these important tax obligations for farm businesses in Canada.
A tax consultant with extensive, first-hand knowledge of Canada’s complex farming tax code can help farmers reduce their taxes, grow their business, and stay profitable and competitive.
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