MNP Library
Are you looking for key resources to help you grow? Our articles provide you with valuable information on a wide range of corporate finance issues. To access these articles simply click on your area of interest in the navigation panel to the left.
In past articles, we have discussed the capital gains deduction and the assets a farmer might own that qualify for the deduction. We also discussed the use of a partnership in a farming operation. In this article, we will discuss the potential use of the capital gains deduction on the incorporation of your farm partnership.
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When you are an accountant dealing with tax issues on a daily basis, you need to get comfortable with the fact that there are few “black and white” answers when it comes to Canadian tax law.
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With the Canadian agri food industry exporting approximately 70% of its products to the U.S, it’s important to know the cross-border tax issues that could affect you.
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A typical family farm operation generally takes the shape of three main forms: a proprietorship, a partnership or a corporation. There are significant tax planning benefits available when operating a farm in a partnership structure as opposed to sole proprietorship.
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While Canada has an excellent system of food safety, recent crises and product recalls have given food safety a high public profile. With the industry experiencing a number of challenges, such as aging infrastructure and strong global competition, the pressure to improve safety comes at a difficult time.
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For farm owners to entering into an arrangement to have somebody else assist in farming their property, it is important to understand the nature of your agreement and how it will be viewed by the government for various purposes.
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