When putting your farm land up for sale, it is essential to make sure that the terms of real estate sale agreement are “excluding HST”!
The Qualified Farm Property exemption is available to farmers who sell their property, but only for the portion of land that qualifies as ‘farmed’.
A valid Farm Business Registration number (FBR number) will give you access to a number of benefits including lower property taxes and eligibility for OFA membership.
Growing Forward and Growing forward 2 are now going to be succeeded by the Canadian Agricultural Partnership (CAP).
If you have a farm and a winery and want them set-up in a way that will maximize farming grants, the best thing to do is to keep the farm and the winery separate.
If you are in the AgriInvest and AgriStability programs, and have a sufficiently low production year compared to your average, you will receive a payout.
If you who own farm property (land or building), an interest in a family farm partnership, or shares in a family farm corporation you might be able to claim a $1,000,000 lifetime capital gains exemption (LCGE) once the farm property is sold.
There are programs and services offered by the Ontario Government to help farmers grow a healthy and profitable business.
Whether you keep your expense receipts in a shoebox or prefer to keep your files online, expense planning is essential.