Shake my head

[vvalk]

And another thought is no one spends money more then farmers. If they want the economy to get going how does taking all your income allow you to buy all the stuff that supports jobs?

[vvalk]

Talk to any business in a city like Lethbridge if they can tell whether agriculture is having a good year or not. My mom used to work at a jewelry store and they could tell eighth away what kind of year farmers had. If you think about it the NDP and to a lesser extent the Libs would rather take all your money through taxation and then pay for more public sector workers then the other way around

[Oliver88]

Makes me wonder why any civil servant was trying to tweak income tax laws and laws that involve taxing agriculture property.
It appears the farm package policies will start to be taxed in 2019?



Insurers of Farming and Fishing Property

For taxation years beginning after 2018, the budget eliminates the tax exemption for insurers of farming and fishing property that is based on the proportion of their (and their affiliated insurers’) gross premium income earned from insuring property used in farming or fishing (including residences of farmers or fishers).

Consultation on Cash Purchase Tickets

The budget launches a consultation on the income tax deferral available in respect of deferred cash purchase tickets for deliveries of listed grains by farmers. Interested parties are invited to submit comments to the government by May 24, 2017.

[Oliver88]

It appears changes are coming for corporations as well.
Capital gains, dividends, life insurance benefits are all being reviewed.



Business Tax Measures
Tax Planning Using Private Corporations

The budget indicates that the government’s review of federal tax expenditures highlighted certain issues regarding tax planning and tax reduction strategies that use private corporations to gain unfair tax advantages for high-income individuals and which are not available to other Canadians. The budget identifies in particular the following strategies involving private corporations:

a) sprinkling income – causing income that would otherwise be realized by an individual taxable at a high personal tax rate to instead be realized (for example, through dividends or capital gains) by family members subject to a lower or nil rate of tax

b) holding portfolio investments – because corporate tax rates are generally much lower than personal rates, private corporations can facilitate the accumulation of earnings that can be passively invested

c) converting regular income into capital gains – causing income that would normally be paid as a salary or dividend to a principal to instead be converted into corporate capital gains, allowing funds to be distributed at a much lower tax rate

The government is further reviewing this area, including whether there are features of the current system that have an inappropriate and adverse impact on genuine business transactions involving family members. The government intends to release a paper in the coming months setting out the nature of these issues in more detail as well as proposed policy responses.


http://www.pwc.com/ca/en/services/tax/budgets/2017/federal-budget-analysis.html

[macdon02]

Well imo the AG stability program was a setup for this very moment. I foresee paying tax upfront, unsold grain being valued with ag stability prices any shortfall being rolled fwd. So summerfallow might make a comeback. Govt at any level is a greedy bastards, never under estimate them. It might be time to completely get off the tit and self insure but not positive on that one.

[farming101]

Not wise enough to say I saw it coming

However it looks like the self insured guy's backstop might not be off limits either

[macdon02]

They set us up, got us to pay for the accounting to benchmark our inputs and production. Fall too far outside the range and they got you. Oh and that fancy monitor in your combine gets sequestered as evidence. Then your fingerprinted before your convicted and can't cross the border. DEAD MEAT! YOU TAX EVADING CRIMINAL!!!

[wmoebis]

Its almost time to pack up the Truck and move to Beverly hills. What a useless country canada is becoming. I would rather bet on Trump and USA over the shit that goes down here.

Every day i wonder how much longer farmers can make a go of it in Canada. Every day we get creamed. Prov budget took a few more dollars a acre just like that.

Sick

Do they have cash deferal on grain in the USA?

[macdon02]

https://www.google.ca/amp/globalnews.ca/news/3317275/its-not-the-police-but-it-can-collect-your-fingerprints-what-is-it-the-cra/amp/

[macdon02]

US still has cash accounting

[iceman]

Do they have cash deferal on grain in the USA?

Yes cash accounting

[macdon02]

Just got told a successful manager can make over 125k US a year in the corn belt by an ag recruiter