Agriculture

When it comes to managing your farm’s finances, choosing the right accounting method can make a big difference. Although taxes are filed on a cash basis for farms, it is important to have accrual financials or at a minimum, understand your accrual position.  Whether you’re producing crops, raising livestock, or both, understanding the benefits and...

Important changes are coming for both AgriInvest and AgriStability for producers in Saskatchewan. In late 2024, Agriculture & Agri-Food Canada announced changes to the AgriInvest program for 2025. Similarly, the Saskatchewan Crop Insurance Corporation (SCIC) has also made changes to the AgriStability filing deadline in Saskatchewan beginning with the 2024 program year. Understanding these updates...

Canadian farmers face unpredictability in all operational aspects, such as volatile markets and weather extremes. Navigating this unpredictability requires strong management and robust support systems. AgriStability is one of those key support systems that can provide a level of stability to help Canadian farmers navigate the challenges they face. The program was designed to help...

Running a profitable farm is complex. Managing costs and ensuring your farm stays on budget is no easy task. Especially as costs continue to go up for things like equipment, inputs and labour. That’s where the AgriInvest program steps in, offering a financial cushion and encouraging Canadian producers to save for challenging times. AgriInvest is...

Are you thinking of transitioning your farm from one owner or generation to the next? Ideally, you want to think ahead so you’ll feel prepared and proactive, rather than feel like you’re just responding to challenges as they arise. Succession planning is a helpful tool to help you plan for the successful transfer of ownership,...

Are you a grain or livestock producer? Are you thinking of incorporating your farming operation? Here are five significant advantages to consider as you make a decision. 1. Tax Deferral Opportunity In Canada, the income tax system is designed so that whether income is earned personally or inside a company, the total taxes paid should...

(authored by RSM CANADA) Leanne Alexander outlines the capital gains tax implications of replacement farmland and offers expert guidance for farmers.