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As year-end approaches, one of a farmer’s main concerns is minimizing tax. In Canada, farming income is taxed on a cash basis so there are many ways to reduce it. However, care should be taken to tailor your strategy to your specific situation.
Below are eight key considerations when doing your year-end tax planning:
This is not a comprehensive list; just one to get you thinking. Make sure you work with your advisor to calculate where you are at as year-end approaches to ensure you don’t overspend.
Should You Be Thinking About Capital Gains Tax Now?
If you need assistance with your year-end tax planning, contact Bruce Warkentin, CPA, CA, CBV, at 403.317.2795 or
[email protected], or your local MNP Agriculture Business Advisor.
Related Topics:Farmers; Agricultural Tax
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