Should I hire an accountant?

[dfarms11]

saskfarmer99, you seem very passionate about this subject, who do you work for? If you don't want to say anymore on here would you prefer email? One other question is, what exactly did you mean by

"(by the way, anyone who is not in a legal farm partnership and is farming as a proprietor needs help now!)"

[dfarms11]

Yes I would gladly explain my thoughts. If you want to post your email or phone number I will contact you. It is a passion of mine for almost 20 years. I don't claim to be an expert but my travel's have made clients a lot of money

[dfarms11]

dcfarm@telusplanet.net

[may-be]

Sask Farmer99. I also have the same question as dfarms11. Some land i am going to rent for next year is going to be for my son. He has the cash (from inheritance) and i am over powered with equipment. I cannot see why he cannot make a good buck because he will not have expenses in labour, intrest, repairs and machinery payments. He likes haveing his own money but also likes belonging to every activity in school. This way he does not have to work all year long after school for peanuts and can stay more focused on school. I also had another question for my acountant and was left dissappointed getting no advise at all on this very important matter. I would very much appreciate hearing your thoughts.

acdc@xplornet.com

[Hopperbin]

Saskfarmer99 says
Yes I would gladly explain my thoughts. If you want to post your email or phone number I will contact you. It is a passion of mine for almost 20 years. I don't claim to be an expert but my travel's have made clients a lot of money
Saskbuddy I have just got a new statement from FBC that I owe another 75 thousand for corporate tax. Over and above the 80 thousand already paid.
I am just a whole lot dissappointed of the very little personal effort put into this. I openned the mail and had it figured out right away. I pre bought 280 thousand worth of expenses and they did not some how claim it as an expense for 08. Putting me very much into the 44% tax bracket.

[Hopperbin]

This is FBC's line when they send you back your personal tax return... We calculated it 40 different ways, each of these options is legally correct and could be submitted to revenue Canada. WTF I would think there is only 1 way to calculate it, I have done personal tax before and basically you just follow the instructions and if there are more than one way to calculate it I would be interested to know. Basically that line is bullshit. Tell me your thoughts?

[dfarms11]

Hopper, can you not appeal this? You should be able to refile with a mistake like that!

[dfarms11]

Hopper, you need help. You are part of the group I call the 20%. I have about 20% of my clients that that have significant income like this annually. There should be no reason an oversight like this should happen (even though we are all human). Obviously FBC is not completing the Agristability per acre cost testing before they release the statements. The right discussion with you on prepurchased expenses before year end would have prevented the oversight as well. It should be able to be fixed, but the question is, if this was overlooked what else is there ...

If you paid $80g already you would have a GRIP account started that will effect future dividends paid out in the future. Did anyone explain that?

My advice to you is contact your previous MNP office and explain what you have gotton yourself into and explain the issue's you had with them before. Often its the communication by both parties that cause the disactisfaction

[sumdumguy]

There are 5 farmers in my familyt I do all the tax and agristability. E-A-S-Y
Keep a deposit book and keep track of every deposit. Grain slip tonne and price - write it down with your deposit. Same for expenses. Once you have them categorized the work is done. I still use the blue column book and computer spreadsheet- tThe people at the Regina office of Agristability have helped me fill in my forms and check my calculations. Its a piece of cake with good records. I keep a running log of every income and ewxpenses are the same columns as the CRA T1163. The money and aggravation I save is unbeleievable, and I was auditted once anad had absolutely no rouble nor sleepless nights. Very little pain for a lot of gain. I go to Las Vegas 3 times a year reward myself. Trust yourself and the people who process your CAISp- they will help you out.