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.
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 following are 5 tax tips that you should aim for in 2016. By being conscientious about them, you could reach your financial goal before the year is over, bolstering your confidence by proving you have what it takes to accomplish your goals.
Tax planning gives farm and small business owners the ability to time business decisions for maximum tax benefit. Some decisions are best made before year-end and others are better to put off until the new year.