Farm Taxes

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.
Review what tax credits stayed and which are removed from the recent federal and provincial budget releases. The good news is that most jurisdictions did not raise taxes.
Whether you operate a full-time, part-time, or hobby farm, there are unique farming tax deductions you need to be aware of.
Running a successful farm means being a good producer and being a financial manager. Keeping accurate records makes a farm more productive and profitable.
Most sales are subject to GST/HST in Canada.
 However, the sale of most farm products are considered zero-rated. 
The challenge is that not all farm products are zero-rated, and the list is huge. 

In addition to understanding farm tax deductions and credits, it’s important for farmers to understand what their farm business tax obligations are.
Have good records and a record keeping system will help you understand and appropriately assess impacts of a decision on your income tax liability.
Subscribe to Farm Taxes