GFM Network News

Farmer in wheat field

Opinion: Proposed tax changes for corporations poorly structured

The current proposals will stifle business and create unfairness

In July the prime minister of Canada and the federal finance minister introduced proposals that, if enacted, will fundamentally change how small business in Canada operates. Since that unveiling of proposals, debate on the merits of each point has been impassioned. Debate has since polarized along ideological dogma. Canadian society must decide where they wish

Farmers busy with harvest are now simultaneously having to contemplate 
major changes to how they can use incorporation to manage their businesses.

Succession planning at risk

Frustration over Ottawa’s proposed changes to small-business taxation continues to mount

Farmers are being urged to join the chorus of opposition facing the federal government’s proposed tax changes. Manitoba’s minister of agriculture has already added his voice to the growing calls for Ottawa to reconsider the massive overhaul and Keystone Agricultural Producers is asking its members to participate in government consultations before the October 2 deadline.

Tax changes set for this fall are likely to considerably impact many Canadian farmers.

Editorial: The taxman cometh

Canadian farmers could soon be swept up in a looming taxation crackdown. The Trudeau government has promised to lower the boom on what it characterizes as the abuse of private corporations by high-income individuals to avoid taxation. Doctors have been especially vocal in their condemnation of the move, saying they have forgone fee increases in

Seven ways incorporating your farm can improve your operation

Seven ways incorporating your farm can improve your operation

Successful farms depend on having smart, strategic people, no matter what structure. However, being incorporated has forced farms to create accrual financial statements and operate under certain rules of engagement, which has jumpstarted more professional behaviour, such as having farm meetings.

overhead view of farmland

Education taxes to be looked at under review

A review of Manitoba’s education system could change 
how schools are funded, but details are scant

For years, farmers have called on the province to change how public schools are funded and to remove education tax from farmland. Now, it appears a funding overhaul could finally be on the table. After being questioned by NDP MLA Wab Kinew during a supply committee meeting last week, Education and Training Minister Ian Wishart

Top view of professional investment advisor woman consulting about financial plan with business management.

Five questions to ask your accountant

It’s tax time again and there are a number of new or imminent personal and corporate income tax changes which could have implications for farm families on their 2016 tax return, or need to be discussed with the accountant to plan for this year. When the federal government announced tax changes in its 2016 budget last March it


Caterpillar says compliant with tax laws after IRS claim

Reuters — Caterpillar Inc. said Friday it was compliant with tax laws, a week after federal law enforcement officials raided three of the company’s buildings in connection with a probe into the heavy machinery manufacturer’s offshore tax practices. The Internal Revenue Service (IRS) has challenged the company’s taxes for the years 2007-2012, the company said

Shannon VanRaes

Kids shouldn’t be left to cover Mom and Pop’s tax bill

Succession planning is complicated, but with professionalism and respect, 
equity can be transferred before anyone needs to actually buy the farm

Young agriculturists looking to return to the family farm will face challenges — high input costs, soaring land prices, labour shortages and transportation concerns, just to name a few. But the biggest challenge for many fresh-faced farmers is how to work with their parents to establish a succession plan, said Cedric MacLeod, of the New