Get your free 20-page tax planning guide delivered right to your inbox
Whether it’s a record-breaking harvest or a heart-wrenching year, farmers are known for taking it all in stride. They understand perfectly what they can and cannot control.
Even the most seasoned farmers, however, may find the wild income swings that come with a life in agriculture stressful come tax time.
The good news is that if your farm uses the cash accounting method, you can average out
these income fluctuations by using two inventory adjustment tools: Optional Inventory Adjustments (OIA) or Mandatory Inventory Adjustments (MIA).
Get your free Farm Tax Planning Guide now.
Here's what you'll find in your free guide:
- An overview of both Optional and Mandatory Inventory Adjustments
- Understanding the CRA's definitions of farm income, inventory and losses
- How inventory adjustments work year-over-year and how you can use it to pay less tax over time
- Real examples and scenarios to help you understand their application
- Advantages and disadvantages of OIA
- and more information to help you develop the best strategy for your farm come tax time
You work hard for your money. We help you keep it.
For more than 70 years, we have helped hard-working Canadian farmers and agricultural producers save time and money.
We deliver industry-specific support for your business that helps maximize your tax savings, simplify your books, and manage your payroll.
Our paralegal team can get your business incorporated, file your minute books and annual returns. And our financial and estate planning team can help you manage your wealth and plan your
transition to retirement.
We understand the needs of Canadian farmers. We know taxes. We can help.