Why not zero interest on input loans?

[bucket]

Given that most businesses received zero interest for 2 years on the $60000 and then a $20000 grant at the end.....About 26000 in forgiven loans. Which equates to the interest on a $500000 cash advance..

why are farmers paying any interest at all


And why is no one asking for that until the pandemic is over...

Billionaires made billions with little to no tax implication.

And yet farmers are sitting here paying interest on inputs that are artificially higher this year with the excuse of all the pandemic issues around the world affecting their costs.

[DaneG]

There are interest free loans for farmers called cash advance!

[SASKFARMER]

Up to only 100000.

Farmers pay prime plus negotiated rate.

We pay so they can play

[bucket]

There are interest free loans for farmers called cash advance!

On $100000 cash advance are you getting interest free for two years and a $30000 dollar grant at the end?

CEBA is advanced to the very people that hate farmers and judge them by the tools they use in the field.

It took less than two weeks last year for an announcement for the general population to start living off government....once again...the same people that despise farmers even though they received very little from government ever..

When was there ever a 10 billion handout to canadian farmers excluding supply management and irrigation?

[foragefarmer]

Bucket

What's stopping you from taking the $60000.00?

For those that did take it, the audit is coming.

As for your statement everybody hating farmers, where are you getting this from? I talk to a lot of non farming people and when they find out I'm a farmer they are always interested about the farm.

[bucket]

Bucket

What's stopping you from taking the $60000.00?

For those that did take it, the audit is coming.

As for your statement everybody hating farmers, where are you getting this from? I talk to a lot of non farming people and when they find out I'm a farmer they are always interested about the farm.

The bold print highlights why I haven't taken it. plus at the beginning and I still am running the farm on a personal account...

No one has identified why that should matter...the government accepts the cheque for crop insurance, agristabilty and income tax.

[sumdumguy]

Audits are not so bad. Been there-done that a couple times in our lives. Now with corps and staggered year ends, auditors have quite a time. Been on both sides of this fence.

[foragefarmer]

Audits are not so bad. Been there-done that a couple times in our lives. Now with corps and staggered year ends, auditors have quite a time. Been on both sides of this fence.

And your accountant must love when you hand him the cheque for her/his services for providing the paperwork to CRA.

Does your account operate out of one of the high rises in Regina? That will be a bigger cheque than.


I'll gladly skip the audit, I've heard a lot of horror stories from people who have been audited.

[jazz]

Audits are not so bad. Been there-done that a couple times in our lives. Now with corps and staggered year ends, auditors have quite a time. Been on both sides of this fence.

When you were audited in the past the govt probably didnt have a $500B deficit to pay down.

My accountant said all the major accounting firms petitioned the govt for an filing extension because everything is a mess. Govt said flat out no. All filings to be in on time. They look serious this yr. Lot of CERB recipients going to get a tax surprise.

[AlbertaFarmer5]

I think, the last thing farmers want to do right now is attract any attention to themselves. Fly under the radar and hope we don't get noticed at the federal level. Any attention will be bad for our financial future in this environment.
Compared to a restaurateur, or tourism operator, we have nothing to complain about, and the government's need revenue.

[sumdumguy]

Anyone who collected CERB gets a few more months to pay the tax.

[makar]

For shits and giggles I applied for the 60000, the only allowable expense was animal feed aka Quebec dairy. So nada.

[fcr]

I happen to know who is in charge in sask of their give away programs due to covid.eg.tourism ,bars ,hotels ,etc. It’s all run tru your bank account,same as ceba.Now the govt has access to your bank records .They are finding lots of unreported business income from past years.Lots of money going out but quite sure there will be lots of audits in years to come.I know I could not truthfully qualify for ceba as covid has not hurt my bottom line at all.Last year will be near the top for net income on our farm. Just saying

[AlbertaFarmer5]

I happen to know who is in charge in sask of their give away programs due to covid.eg.tourism ,bars ,hotels ,etc. It’s all run tru your bank account,same as ceba.Now the govt has access to your bank records .They are finding lots of unreported business income from past years.Lots of money going out but quite sure there will be lots of audits in years to come.I know I could not truthfully qualify for ceba as covid has not hurt my bottom line at all.Last year will be near the top for net income on our farm. Just saying

What difference would access to bank accounts make if the business is incorporated, already using double entry accounting? Nothing to hide. Still can't access cash transactions.