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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In the past few years, and even more so in the current economic environment, it has become common for individuals to set up their own corporations, which can then be used to contract out the services of the principal (or often the sole) shareholder of the corporation to one or more businesses.
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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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On June 4, 2010, the CRA issued new guidance on how the IFRS will affect tax reporting. The requirement to adopt IFRS applies to publicly accountable enterprises and will replace Canadian GAAP as the acceptable set of accounting standards.
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The 2010 Federal Budget proposed changes that will have a significant impact on public companies that use stock options as a means of compensation. These changes relate to how stock options are taxed in the hands of employees, directors and officers, and they come into effect in just a few months.
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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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