There can be a significant amount of wealth tied-up in farm businesses—including partnerships and corporations—and there are opportunities in the succession process to distribute that wealth on a tax-free or tax-deferred basis.

Even though Canada does not have an inheritance tax, a significant and unexpected tax liability can be left behind by a farmer at death without proper planning and preparation.

Although cryptocurrencies have existed since Bitcoin emerged in 2009, this medium of exchange has experienced a massive surge in popularity in recent months.

Canada has lots to gain from the UPX transportation infrastructure project yielding first class results and a positive outcome over the course of time.

In Ontario, Year 3 of GF2 commenced April 1, 2015, and continues to offer the same 35% to 50% cost-share funding assistance to producers, as was discussed in the July 12, 2013 issue of Farm Alert.

In Canada, qualified farmland can be transferred from one generation to the next for any dollar amount between cost and fair market value (FMV) at the time of the transfer.

Audits and assessments undertaken by the Canada Revenue Agency (CRA) that uncover errors or omissions by a taxpayer can lead to significant penalties.

When planning for the succession of your farm operation to the next generation, several important issues can arise. Some of the key issues include how the goals and objectives ...

The Income Tax Act (ITA) contains many anti-avoidance rules forbidding taxpayers from misusing the provisions of the ITA to achieve tax benefits contrary to Canadian tax policy.

On July 18, 2017, the federal government of Canada introduced proposals ("announcements") curtailing the use of private corporations to gain tax advantages over other individuals in Canada...

In addition to benefiting the community, the act of giving could increase the wellbeing, self-esteem and reputation of the donors themselves.

Knowing as much as possible about your customers is extremely valuable.

With replacement property rules, you can purchase farmland to replace a previous piece of farmland sold – as long as it's used in the same (or a similar) business – and elect to defer any capital gain...

A life interest in real estate provides an exclusive right to use a property during the lifetime of the holder of the interest.

Preparing a succession plan for your farm is a complex undertaking that requires many types of expertise.

If you are a controller or CFO preparing your year-end financial statements for shareholders, regulators and lending institutions, there are several disclosure items you should carefully consider.

Prospective borrowers entering into one-dimensional lending agreements are rarely best served.

There has been concern from industry over the government potentially limiting the deduction for employee stock options.

Many newly launched and growing companies are like hot-air balloons that want to soar upwards, but ropes hold them tethered to the ground.

Ontario Minister of Finance Charles Sousa announced a reduction to the small business tax rate to take effect on January 1, 2018.