GFM Network News

Editor’s Take: Funding fairness

Few would argue the education tax system Manitoba’s had for the past few decades was a model for the future. It was a complex patchwork of competing interests and duplicated efforts. It saw one level of government set the tax rate, another collect it on its behalf, and the province turning around and refunding a

Manitoba’s new education tax system will be fairer, farm advocates say.

Education tax cut increases fairness, say KAP, AMM

The rollback has led to criticisms that it’s a tax cut for wealthy landowners at the expense of education funding, which could hurt rural communities

The Pallister government’s promised education property tax cuts are a step in the direction of fairness, but won’t be a huge windfall — at least not this year, said KAP president Bill Campbell. “Education funding needs to be equitable and equal for citizens of Manitoba and not necessarily based on some people’s assets. Not everybody’s

In the latest provincial budget released April 7, the Progressive Conservative government called for about $248 million in education tax rebates in 2021.

KAP welcomes education property tax rollback

Budget pledges a 25 per cent rebate cheque in 2021; existing farmland school tax rebate to be reduced

A promised start to the phasing out of the education property tax is “welcome news,” said KAP president Bill Campbell. “Farmers pay a disproportionate amount of education property taxes, and the disparity between what farmers are paying and what the average homeowner is paying remains an issue,” Campbell said in a statement April 9. “Until the tax is completely removed, farmers will continue to pay more

Be sure to consider capital gains implications several years before selling a farm.

A tax plan can mean multiple capital gains exemptions

Capital gains exemptions can save hundreds of thousands of dollars

The lifetime capital gains exemption for qualified farm property allows for significant tax savings when selling assets and can be important for retirement planning and preparing for farm transition. Although the capital gains exemption rules are quite technical, they’re also very generous, particularly with farm real estate. With some smart planning, the capital gains exemption

“The phased elimination of the education property tax, paid by individual Manitobans, will begin next year.” – Provincial throne speech.

Education tax phase-out to start sooner

The process will begin next year instead of 2022, the Manitoba government announced in the throne speech

Phasing out education taxes on Manitoba property, including farmland, will start next year — a year earlier than first promised — the Manitoba government announced in its throne speech Oct. 7. Why it matters: Rising assessment values for farmland, which education and property taxes are based on, relative to other rural property, has shifted the

Argentina planning temporary cut on soy export taxes

Farm industry sources say the move should spur more exports from the Latin American nation

Argentina plans to temporarily cut soybean and soymeal export taxes by three percentage points to 30 per cent to help stimulate export revenue as the country struggles with recession and dwindling foreign reserves, a local industry source said Oct. 1. The tax cut would last until the end of the year. The export levy would

north dakota

North Dakota: What rebound?

REGION | Our next-door neighbour is in an economic crunch as COVID-19 batters oil, agriculture

Reuters — When the novel coronavirus first appeared in the United States, North Dakota was in the envious position of having more money in its state coffers than it had budgeted. Now, it is making sweeping cuts to state agencies in a bid to stem the financial bleeding from a historic oil price collapse sparked by the coronavirus pandemic, and a

File photo of young plants in a soybean field in Argentina. (Gracieross/iStock/Getty Images)

Argentine soybeans facing tax increases

MarketsFarm — Not many major divergences can be seen between the U.S. Department of Agriculture’s data (USDA) on Argentina’s soybean crop and data from the department’s attaché in Buenos Aires. What may bring changes to the country’s soybean industry are tax increases imposed by the new federal government, according to Benjamin Boroughs, the USDA attaché.

Photo: File

Livestock producers receive tax relief for 2019

Drought in Western Canada and Quebec has prompted the federal government to release an initial list of regions eligible for livestock tax deferrals. The livestock tax deferral provision allows livestock producers in prescribed drought, flood or excess moisture regions to defer a portion of their 2019 sale proceeds of breeding livestock until 2020 to help

Concept of making money agriculture

Editorial: Multi-tasking

Manitoba’s farmers can chalk up a small victory in their battle to have the way education taxes are levied on farmland revised. At the recent Keystone Agricultural Producers annual general meeting, held in early February in Winnipeg, the provincial government delivered the clearest signal to date that this message is getting through to policy-makers. Provincial