Farm Taxes | FBC, Canada's Farm & Small Business Tax Specialist

It’s Tax Season! Are You Ready?

Do you have your papers and records ready for your 2013 tax return? It can be a hectic time getting ready and it’s easy to miss something. Use the following information to help you get ready.

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The Fiscal Farmer [INFOGRAPHIC]

The Canadian farmer is faced with an increasingly challenging world. This FBC Infographic is dedicated to all the farmers in Canada and around the world.

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How to Switch Your Farm from Cash Accounting to Accrual Accounting

Some tips for Canadian farmers making the transition from cash accounting to accrual accounting to record income and expenses.

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Take Another Look at Accrual Accounting

It'll be an eye-opener. Once an accrual accounting system is up and running, you'll be amazed by what it can tell you about your farm business.

Many farmers continue to report farm income on the cash method. If your farm is small and its activities don't change much from year to year, cash accounting can be quite adequate.

On the other hand, if your operation is growing and you're adding or changing your product mix and production processes, accrual accounting will be quite beneficial - if not essential - in managing your business effectively.

“The speed of your success is limited only by your dedication and what you’re willing to sacrifice” — Nathan W. Morris