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

A tax plan can mean multiple capital gains exemptions

Capital gains exemptions can save hundreds of thousands of dollars

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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.
News, Other

Education tax phase-out to start sooner

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

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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
Markets, News

Argentina planning temporary cut on soy export taxes

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

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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
Farmit Manitoba, News, Other

North Dakota: What rebound?

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

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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)
Crops, Markets

Argentine soybeans facing tax increases

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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

Livestock producers receive tax relief for 2019

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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, Opinion, Other

Editorial: Multi-tasking

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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
Manitoba farmers say local education taxes on farmland are unfair and want the provincial government to do something about it.
Local news, Other

Education tax model ‘flawed’ says Eichler

The agriculture minister agrees farmers pay more than their share, but says there’s not much he can do about it

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Agriculture Minister Ralph Eichler concedes Manitoba farmers get a raw deal on farmland education taxes — but he also says relief won’t be immediate. “We know there are a number of funding models that would look better,” Eichler said during a question period following his speech at the Keystone Agricultural Producers’ (KAP) 35th annual meeting
Empty school classroom
Local news, News, Other

Farmland education tax not part of education review

Premier Brian Pallister wants a plan for improving public education before exploring ways to pay for it

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The president of the Keystone Agricultural Producers (KAP) says he isn’t surprised education taxes aren’t part of an upcoming education review — but he is a bit disappointed. Bill Campbell says funding issues, and especially taxation on farmland, should be on the agenda, especially given earlier statements from the provincial government. “I realize this is
The Association of Manitoba Muncipalities says there’s plenty of public support for its call for a share of cannabis tax dollars.
Local news

Poll lines up Manitobans with AMM on cannabis

How much should municipalities get when it comes time to divvy out tax revenue on pot? 
A recent poll from the AMM suggests at least half

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The Association of Manitoba Municipalities says a new poll shows Manitobans support local governments getting their piece of the cannabis tax pie. The Probe Research poll, done on behalf of the AMM, reported that about 33 per cent of 1,000 replies thought municipalities should get half the tax revenue, while 59 per cent indicated local

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