http://www.mnp.ca/media-centre/blog/tags/agricultural-taxAgricultural Tax Blog Post RSS FeedCopyright 2012MNP All rights reserved.Many people wonder when it’s the right time to incorporate their farm partnership. The reason to incorporate a farm can be different for each farm family; however one of the primary reasons is often to gain access to the small business deduction available in the corporation.http://www.mnp.ca/en/media-centre/blog/2009/9/28/incorporating-your-farm-partnership/Mon, 28 Sep 2009 00:00:00 GMTBy this time most farmers will have their 2009 harvest in the bin. So, the next task is to consider looking at your accounting records to plan for the current year’s tax liability. The following is a list of items farmers should pay close attention to prior to December 31, 2009.http://www.mnp.ca/en/media-centre/blog/2009/11/25/top-9-year-end-tax-planning-tips-for-farmers/Wed, 25 Nov 2009 00:00:00 GMTThe Scientific Research & Experimental Development (SR&ED) Tax Credit Program offers over $4 billion per year in funding and is the single largest source of federal government funding for industrial research and development. Your food-processing business may be missing out on significant SR&ED tax refunds.http://www.mnp.ca/en/media-centre/blog/2010/4/15/is-your-food-processing-business-missing-out-on-significant-sred-tax-refunds/Thu, 15 Apr 2010 00:00:00 GMTWhile Canada has an excellent system of food safety, recent crises and product recalls have given food safety a high public profile -- raising the question of whether government and the food industry are investing sufficient financial and human resources to adequately address complex risks.http://www.mnp.ca/en/media-centre/blog/2010/8/25/its-time-to-consider-a-food-safety-tax-credit/Wed, 25 Aug 2010 00:00:00 GMTA significant amount of your tax dollars are going to health care. As the population ages, health care costs will increase. At the same time, paying for health care impacts the government’s ability to invest in agriculture and agri-food programs. http://www.mnp.ca/en/media-centre/blog/2010/9/22/leveraging-government-agri-food-policy-to-control-health-care-costs/Wed, 22 Sep 2010 00:00:00 GMTGiven the significant increases in land and quota values over the last number of years, it is becoming increasingly difficult to transfer the family farm at fair market value. This tax-deferred rollover can be an invaluable tool in succession planning and benefit future generations.http://www.mnp.ca/en/media-centre/blog/2011/1/26/transitioning-the-family-farm/Wed, 26 Jan 2011 00:00:00 GMTThere are few “black and white” answers when it comes to Canadian tax law. Most situations require a careful evaluation of the facts combined with knowledge of the Income Tax Act, related resources and case law. The question of whether the activity of making wine constitutes farming is a great example.http://www.mnp.ca/en/media-centre/blog/2011/3/9/the-cras-view-on-the-activity-of-making-wine/Wed, 09 Mar 2011 00:00:00 GMTIf you are contemplating the sale of your farmland and the expected capital gain will be in excess of your capital gain exemption, it is important to beware of 69(11) of the Income Tax Act in such a transaction or the resulting tax consequences will be an unpleasant surprise.http://www.mnp.ca/en/media-centre/blog/2011/8/12/farmland-and-6911-of-the-income-tax-act/Fri, 12 Aug 2011 00:00:00 GMT