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Agriculture and Agri-Food Canada’s final map of designated areas for the livestock tax deferral provision for the 2018 tax year, as of Jan. 30, 2019. (Agr.gc.ca)
Livestock, Weather

Livestock tax deferral map expands again for 2018

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Some northern and southwestern Ontario producers who had to sell breeding livestock due to drought in the 2018 tax year can now defer chunks of the income from those sales when filing their income taxes. The federal government on Wednesday rolled out its final list and map of designated regions for 2018 under its livestock […] Read more
'One-size-fits-all solutions do not cover the different situations each producer will face.' – Lance Stockbrugger, Englefeld, Sask.
Features, News

The tax man cometh

… and you need a long-term plan

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If there’s one thing Lance Stockbrugger knows about farmers and ranchers, it’s that they don’t like paying tax. Stockbrugger, who farms near Englefeld, Sask., is a chartered accountant, specializing in income tax, who has spent 20 years sharing his specialized agriculture knowledge with his clients in areas of estate planning, tax reorganization and intergenerational transitions. […] Read more
(Photo courtesy Canada Beef Inc.)
Forages, Livestock, Weather

Saskatchewan, B.C. areas up for livestock tax deferrals

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Livestock producers in several more parched municipalities in Saskatchewan and British Columbia will be able to defer income from sales of animals on their 2017 tax returns. The federal government on Tuesday announced its final list of designated regions for 2017, including 20 more municipalities in Saskatchewan and seven in British Columbia. The initial list, […] Read more
(Photo courtesy CN)
Crops, Machinery

CN’s Q4 grain handle down in ‘challenging conditions’

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U.S. income tax reform more than offset “challenging” conditions, including reduced grain handle, in Canadian National Railway’s fourth fiscal quarter. Montreal-based CN on Tuesday reported net income of $2.611 billion on total revenues of $3.285 billion for its fourth quarter ending Dec. 31, up from $1.018 billion on $3.217 billion in the year-earlier Q4. The […] Read more
Tax return storage at the Canada Revenue Agency. (Canada.ca)
General

Ottawa scraps plans for new limits on capital gains

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The federal finance ministry has backed away from proposed plans for new limits on capital gains exemptions, over concerns of “unintended consequences” for businesses such as farms. Finance Minister Bill Morneau on Thursday announced the federal government “will not be moving forward with measures that would limit access to the LCGE (lifetime capital gains exemption),” […] Read more
(Photo courtesy Canada Beef Inc.)
Crops

Deadline extended for comment on cash ticket deferral

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Public consultations on the income tax treatment of deferred grain cash tickets, with an eye toward “potential elimination” of farmers’ option to defer grain income, have been extended by two months. The federal government on Tuesday said the consultation, first announced in Finance Minister Bill Morneau’s March budget and due to end Wednesday, will instead […] Read more
(Photo courtesy Canada Beef Inc.)
General

Farm sales to co-ops to count for small business deduction

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Changes to federal tax law that were meant to block “multiplication” of the small business deduction for corporations won’t apply to farmers’ sales to co-operatives. The federal government on Friday released draft amendments to the Income Tax Act, which would allow qualifying farmers and fishers selling to agricultural and fisheries co-operatives to be eligible for […] Read more
(Photo courtesy Canada Beef Inc.)
Livestock, Weather

Drought-hit tax deferral zones named

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Ottawa has seen enough drought in parts of southwestern Alberta, southern and eastern Ontario and southwestern Quebec to offer deferrals on their ranchers’ 2016 income tax from breeding livestock sales. Agriculture Minister Lawrence MacAulay on Tuesday released the federal government’s initial list of municipalities designated for the 2016 deferral. In Alberta, those areas include Clearwater, […] Read more

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