The federal government wants to clamp down on incorporated business owners who it says are claiming capital gains when they should be reporting taxable income or dividends. A capital gain is essentially the increase in the value of a capital asset, such as farmland, above its purchase price. Under Canada's tax system, only 50 percent... Read More
Category: Farm Management
Members of Parliament are back at their seats for the fall sitting of Parliament, and tensions are high, with the Conservatives and NDP questioning the Liberals' proposed tax changes announced in July. Farm groups and farmers have also been vocal in criticizing the government's plan. "I don't think the government realized the opposition that would... Read More
There's a reason most farms pay accountants to provide tax planning advice. Taxes are complicated. Add multiple pages of new information, unclear definitions, 'tax cheat' accusations, some emotional rhetoric, and it's a challenge, even for accountants, to assess what Finance Minister Bill Morneau's proposed tax changes could mean for an individual farm business. We're going... Read More
With farmers, farm organizations, and accounting firms that work in agriculture voicing serious concerns about the federal government's proposed tax changes, Agriculture Minister Lawrence MacAulay broke his media silence on the subject on Friday afternoon. For all of 50 seconds. The Full Story: Facing the politically dangerous choice of siding with the farm community or... Read More
Every farm succession plan starts and stops with the older generation. In most cases, it's up to mom and/or dad to determine how and when the transition moves forward. For farm families who are stuck in that process, it's usually not from a lack of desire to execute, but from paralysis — not knowing where... Read More
I’m fortunate enough to get to meet all kinds of farmers. Usually when we meet, the conversation is a standard one. What’s the weather been like or how is the harvest going? Politics, just like sex and religion, is usually left out of it. Until recently. Farmers keep bringing it up in their conversations. That... Read More
Agriculture groups are among more than 40 national organizations that have formed a coalition to fight the federal government's proposed tax changes for incorporated businesses. The Coalition for Small Business Tax Fairness sent a letter to Finance Minister Bill Morneau asking him to take the proposal off the table. "In ten years at the Canadian... Read More
No one has to tell University of Guelph agricultural economics master’s student Travis Jansen that farmers like him are well-advised to listen to consumers. But he’s doing more than just listening to them – he’s set to learn from them, too. Jansen, who comes from a family hog farm near Seaforth, knows successful farmers have... Read More
When people go trail riding or use their ATV for recreational use, wearing a helmet is something that most don’t blink an eye to. They do it with no questions asked. So why is it when we use them around the farm, we hop on the quad at the same speeds, helmet-less, without thinking twice?... Read More
One of the biggest challenges in our fitness routine on the farm is strength and conditioning. Cardio is pretty simple with wide open gravel roads and fields. It's pretty simple to throw on some running shoes or hope on a bike and ride. Strength and conditioning on the other hand, often done at a gym,... Read More