GFM Network News


More tax deferral zones announced for ranchers

More tax deferral zones announced for ranchers

Final list released for 2019 tax year

More ranchers who were up against a dry 2019 may now be eligible to defer some income from their livestock sales for the income tax year. The federal government on Tuesday released the “final list” of designated regions where income tax deferral on sales of breeding livestock has been authorized for 2019. In a prescribed

Agriculture ministers meeting Tuesday in Ottawa included (l-r) Devin Dreeshen (Alberta), David Marit (Saskatchewan), Bloyce Thompson (P.E.I.), Andre Lamontagne (Quebec), Marie-Claude Bibeau (Canada), Ernie Hardeman (Ontario), Blaine Pedersen (Manitoba), Lana Popham (B.C.) and Keith Colwell (Nova Scotia). (Photo courtesy AAFC)

Feds, provinces plan minor tweaks to AgriStability

Ottawa — Minor changes are coming to AgriStability following Tuesday’s meeting between federal Agriculture Minister Marie-Claude Bibeau and her provincial counterparts. Major changes, however, will have to wait. A full review of federal business risk management (BRM) will be completed in April, with the findings discussed when the federal, provincial and territorial ministers meet again




(Photo courtesy Canada Beef Inc.)

Saskatchewan, B.C. areas up for livestock tax deferrals

Livestock producers in several more parched municipalities in Saskatchewan and British Columbia will be able to defer income from sales of animals on their 2017 tax returns. The federal government on Tuesday announced its final list of designated regions for 2017, including 20 more municipalities in Saskatchewan and seven in British Columbia. The initial list,


(Photo courtesy CN)

CN’s Q4 grain handle down in ‘challenging conditions’

U.S. income tax reform more than offset “challenging” conditions, including reduced grain handle, in Canadian National Railway’s fourth fiscal quarter. Montreal-based CN on Tuesday reported net income of $2.611 billion on total revenues of $3.285 billion for its fourth quarter ending Dec. 31, up from $1.018 billion on $3.217 billion in the year-earlier Q4. The

While the most concerning proposed small corporation tax reforms have been shelved there are still a couple of areas of concern, MNP accountant Mike Poole told KAP’s recent advisory council meeting.

Still some potential pitfalls in proposed federal tax reforms

Accountant hopes effects are manageable

The federal government’s revised tax change proposals have got rid of the most egregious problems, but a few provisions could still cost farmers money. That’s according to Mike Poole, a Brandon-based accountant with MNP, at a recent Keystone Agricultural Producers (KAP) advisory meeting. “I think it’s relatively small and manageable,” Poole told reporters after speaking

Tax return storage at the Canada Revenue Agency. (Canada.ca)

Ottawa scraps plans for new limits on capital gains

The federal finance ministry has backed away from proposed plans for new limits on capital gains exemptions, over concerns of “unintended consequences” for businesses such as farms. Finance Minister Bill Morneau on Thursday announced the federal government “will not be moving forward with measures that would limit access to the LCGE (lifetime capital gains exemption),”


Comment: The loudest voices against tax reform are not neutral

Almost absent in the debate about proposed Canadian changes are any voices defending 
the idea of tax fairness

Federal Finance Minister Bill Morneau’s proposals for tightening tax breaks associated with private companies is generating several kinds of response on social media and in mainstream media. The most evident is an impressive deluge of evidence-free rhetoric claiming that the proposals are an attack on everything from the middle class to maternity leave for female