Farm Taxes

There are a large number of tax breaks that Canadian farmers can take advantage of to reduce their tax burden.
Explaining important functions that tax planners and managing accountants can help farms with.
A year-end tax plan presents an opportunity for you to minimize your taxes and improve your financial position come tax season next spring; resulting in a larger tax return or at least a lot less tax owing.
2016 Saskatchewan Ministry of Agriculture Budget presented by Agriculture Minister Lyle Stewart brings increased investment to keep agriculture strong
Recent Manitoba budget reports that the financial situation for the province has worsened and the revised budget deficit for the 2015/16 fiscal year is now $1.011 billion which is up from the $422 million deficit predicted in last year’s budget.
The 2016 Federal Budget introduced draft legislation that will directly affect depreciation, Capital Cost Allowance (CCA), of intangible assets, such as, goodwill tied up in a farm or small business, licenses, customer lists, franchises, farm quotas or distribution rights.
With a focus on economic growth, youth, education and responsible fiscal management, Nova Scotia finances have strengthened with surpluses predicted for each year of the government’s 4-year fiscal plan. 2016 Nova Scotia budget.
On April 14, 2016, the Honourable Joe Ceci, President of Treasury Board and Minister of Finance, presented his second budget and the second budget of Alberta’s NDP government.
CRA considers that a crop share received by a landowner is rental income and not income from farming. However, you could be considered to be in the business of farming if the sharecropper is an employee who receives a crop share in lieu of salary.

The B.C. government introduced another balanced budget for 2016, which includes forecast surpluses in all 4 years of the fiscal plan and modest investments in priority areas. The provincial economy is expected to grow by 2.4% in 2016 and 2.3% in 2017.
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