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Tax services for the agriculture industry

We all have to pay taxes but there are ways to manage that tax liability depending on your circumstances.

Our tax team is committed to helping you understand and optimize your farm’s unique tax situation. Whether it’s ensuring you’re aware of deadlines and regulatory requirements or giving advice on how to plan for your farm’s future, MNP can support you at all stages in the process.

What’s your challenge?

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Economic uncertainty

In a turbulent economy, it can be hard to make strategic decisions without understanding what your options are. Different solutions can be available under recessionary or inflationary periods.

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Future tax policy

While there is uncertainty around what farming and agriculture taxes may look like in the future, understanding your farm’s current and future tax liability could impact the decisions you make today. Speaking with an advisor will help you structure your farm to adapt to changes down the road.

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Transitioning or selling

An effective tax strategy is part of every succession and/or exit plan. MNP advisors can help you plan for your future, and that of your farm. Whether that requires implementing a tax efficient distribution of assets between children, advance planning for lifetime capital gains exemption, or planning a sale of your farm to a third party, your MNP advisor will work with you every step of the way.

How we can help

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Tax law compliance

Our team will help you understand and stay compliant with the ever-changing tax laws impacting the agriculture industry. Optimizing your deductions, minimizing your tax liabilities, and ensuring accurate and on-time filings are just a few of the ways an advisor can help you avoid penalties.

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Transition planning

With our team’s expertise, you can create a plan that helps you access the lifetime capital gains exemption and explore other tax-efficient options for transitioning your farm.

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Farm business structure

There are many options to consider for your optimal farm business structure. Quite often this can include the use of a holding or investment corporation for tax and estate planning reasons. Our team can assist with making suggestions and improvements to your structure that will enable you to remain eligible for the small business deduction, lifetime capital gains exemption, and tax-deferred intergenerational transfers.

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MNP’s team of Chartered Business Valuators (CBVs) can be vital to help determine the value of shares in certain tax situations (i.e., succession planning, litigation support) to maximize accuracy and optimize proceedings.

Choosing the right business structure for you

The taxation of your farm operation will vary according to your organizational structure. When choosing an appropriate structure for your farm business, it is important to consider your tax situation, level of management control, costs associated with the particular business structure and your farm succession options. Since each business structure comes with advantages and limitations, your optimal business structure depends on your personal business circumstances. We’ll work closely with you, to determine the structure that best meets your current and future needs.

After gaining a comprehensive understanding of your operation and your business goals, your MNP advisor will discuss the various options and help you determine which is the best one for you.

Frequently asked questions

Contact Our Agriculture Team

Ryan Kehrig CPA, CA

National Leader, Agriculture Tax



[email protected]

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