Industry Expertise
Farming and Agriculture
Accounting for family farms and agricultural businesses.
Our Experience
Family farms and agricultural businesses have unique accounting needs that are shaped by the land, the seasons, and the specific rules the CRA has established for farm income. From cash vs. accrual accounting elections to succession planning for the family farm, we have the experience to navigate the agricultural sector's specific tax environment.
Services We Provide
- Corporate Tax (T2)
- Personal Tax (T1)
- Bookkeeping and Write-ups
- Tax Advisory and Planning
- Trust, Estate, and Succession Planning
Common Issues
The Challenges Farming and Agriculture Businesses Face
Cash vs. accrual accounting election for farm income has significant tax implications
Capital cost allowance on farm equipment is complex and often mishandled
Succession of the family farm to the next generation requires careful tax planning
Government farm support payments and subsidies have specific income treatment
Farming losses and restricted farm losses require careful claim and documentation
How We Help
What You Can Expect From Us
Cash vs. accrual election advice to minimize tax in the right years
CCA optimization on farm equipment, buildings, and improvements
Family farm succession planning: rollovers, trusts, and lifetime capital gains exemption
Government payment and subsidy reporting
Farm loss and restricted farm loss claims and documentation
Work With a Firm That Knows Farming and Agriculture
We work with corporations across Canada, subject to the scope of the engagement and the client’s specific circumstances. Request a consultation and let us show you what we can do for your business.