Prepare for Your Year End with Confidence

December 07, 2020

Prepare for Your Year End with Confidence

Synopsis
4 Minute Read

Make your year-end more effective with a tax projection for your agriculture operation.

Prepare for your year end with confidence

Being involved in agriculture means knowing there are things you can’t control – but can be ready for. Planning out your taxes before year end provides a strong foundation to continue growing your operation in the new year. 

Tips for Agriculture Producers

In this video, MNP’s Scott Assman, Partner, Tax Services offers tips on how to make your year-end more effective work for you in this three-minute video.

For more information on how MNP can help, contact Scott Assman, CPA, at 613.691.4221 or [email protected]

Our Presenter

Scott Assman, CPA, CA, is a Partner with MNP in Ottawa. Scott works closely with agricultural clients throughout Eastern Ontario, and with small to medium-sized businesses and professionals. His services include structuring organizations to ensure they are tax efficient and implementing tax minimization strategies.


How did your farm perform in 2020?

Pre year-end tax projection for you and your farm

Why complete a tax projection? 

Completing a tax projection allows your advisor to assess your current year data and minimize surprises, while providing you with options to manage or reduce your current taxes owing. It allows you to efficiently use your personal and corporate tax rates in today’s complex taxation environment.

Sample questions Information we need about your farm
Do I need to pre-buy inputs to manage my taxes? Should I defer grain tickets to next year? Accounting records — as current as possible
What adjustments do my accounting records need now? Anticipated farm expenses and income before year end
Is my personal income effectively using personal tax brackets? Current deferred grain tickets and estimated harvested inventory
What should I expect my tax bill to be this year? Access to online Canada Revenue Agency business account

Post-Harvest Analysis

Completing a post-harvest analysis gives you an opportunity to reflect on your farm’s current year profit and loss now to make better decisions in the fall and winter. The analysis uses MNP’s resources and tools to answer important questions:

  • Profit Snapshot - Was this year a success?
  • Ag Risk Management Projector - Did my insurance decisions achieve my spring goals?
  • Regional Farm Benchmark - How does my farm performance compare to my past and the industry?

Want to take this offline? Download our fact sheet "How did your farm perform in 2020?"

Take the Next Step

Agriculture is a sophisticated industry and requires a sophisticated, strategic approach to manage a farm business. Working with a farm management consultant can provide a review of all aspects of your current operation and what it may look like in the future to ensure you are prepared - tailored to meet your needs.

Insights

  • November 25, 2021

    2021 Quebec Economic and Financial Update

    Québec Finance Minister Eric Girard released the Update on Quebec’s Economic and Financial Situation on November 25, 2021.

  • Agility

    How to automate your bookkeeping (successfully)

    Is there an easy way to automate your finances? Take it one step at a time, Shayne Dueck, National Leader, ease, says in this latest insight.

  • Performance

    November 25, 2021

    Dealership investments in captive insurers and Form T1134: Filing requirements

    Dealership investments in non-resident insurance and reinsurance corporations are subject to increasingly complex tax reporting requirements. Non-compliance penalties can add up quickly.