Glacier FarmMedia – Looming changes to Canada’s capital gains inclusion rates will increase average taxes by 30 per cent on the country’s family-run grain farms, putting their futures at risk, according to research conducted by the Grain Growers of Canada (GGC). “Our research shows that an average grain farm in Canada, most of which are […] Read more
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Family farms at risk from higher capital gains rates: GGC
Family farms at risk from higher capital gains rates: GGC
[UPDATED: June 11, 2024] Glacier FarmMedia – Looming changes to Canada’s capital gains inclusion rates will increase average taxes by 30 per cent on the country’s family-run grain farms, putting their futures at risk, according to research conducted by the Grain Growers of Canada (GGC). “Our research shows that an average grain farm in Canada, […] Read more
German government dilutes 2024 subsidy cuts after farmer backlash
Farmers protested in Berlin's streets after the announced end of tax breaks last month
Germany's coalition government has agreed to change its 2024 budget plans, a government spokesperson said on Thursday, after subsidy cuts proposed to bring spending in line with debt rules angered farmers.
German farmers protest with tractors against austerity measures
The German government proposed to abolish fuel subsidies to meet savings targets
According to next year's budget, a partial tax refund on agricultural diesel, along with a tax exemption for agricultural vehicles, will be abolished to meet the saving targets - a measure farmers said would threaten their livelihood and the competitiveness of Germany's agricultural sector.
Feds plan to ease Underused Housing Tax reporting load
New exemption also proposed for employee housing outside cities
Federal Finance Minister Chrystia Freeland’s latest Fall Economic Statement offers to take some of the reporting burden off certain farmers and other Canadians when filing for exemptions from the national Underused Housing Tax (UHT). The federal finance department on Nov. 16 posted its legislative and regulatory proposals for changes to the UHT online and has […] Read more
Underused housing tax undue burden on farmers, ag groups say
Many farms can apply for exemption, but the process can be expensive, a letter to federal ministers says
Agriculture leaders say a federal tax on ‘underused’ housing is causing an unintended and undue burden on farmers. “We urge the government to exempt farmers from the requirement to file a [underused housing tax] return,” said a letter sent to federal ministers. The Canadian Canola Growers, Canadian Federation of Agriculture, Canadian Cattle Association, Ontario Fruit […] Read more
Understanding the Underused Housing Tax
Many farm partnerships and corporations are obligated to file this new return, even if they don’t owe
The government’s Canadian Underused Housing Tax (UHT) Act could impact 2022 farm taxes. “The intent is to impose an annual one per cent tax on vacant or underused housing in Canada that’s owned directly or indirectly by persons who are not Canadian citizens or permanent residents,” said Kurt Oelschlagel, BDO partner and national agriculture tax […] Read more
CGC, other fed workers to strike Tuesday night if no wage deal reached
Tax season, passport renewals may also be affected
Ottawa | Reuters — Some 155,000 public workers in Canada will go on strike at midnight on Wednesday if they are unable to reach a wage deal with the federal government, the leader of the Public Service Alliance of Canada (PSAC) union said on Monday. PSAC president Chris Aylward said he was “setting a clock […] Read more
Year-end tax advice you don’t want to ignore
There are many strategies for tax deferral, but be strategic, says a tax specialist
It’s year-end tax strategy crunch time. For those farmers who had higher crop returns or have experienced an especially good year, Dec. 31 is the deadline to take advantage of farm tax deferral strategies that can help manage extra income. Tom Blonde, partner at Baker Tilly GWD, said that most farm businesses have plenty of […] Read more
Why two wills are better than one if you live in Ontario
Having two wills allows isolation of certain assets exempt from probate tax
When it comes to sophisticated estate planning, having a legal will may not be enough for Ontarians. In the past five years, Jim Kibble of Ontario Estate Consulting Solutions Inc. has helped create more than 500 estate plans and is a strong advocate for the creation of two wills per person – one to cover […] Read more
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