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If your farm owes income tax, missing the tax filing deadline can result in penalties and interest from the CRA on the amount you owe.
The May 2nd deadline has come and gone. If you've paid (or even if you haven't), you still have an opportunity to optimize your tax return before the June 15th filing deadline for the self-employed.
Help protect your bottom line – take the steps towards getting yourself organized with our Tax Prep Toolkit for Small Business Owners. Don't let unnecessary charges eat away at your profits.
Get your free Tax Preparation Toolkit now.
Here's what you'll find in your toolkit:
- Important tax deadlines (and why you shouldn’t miss them)
- Income tax rates for the 2021 tax year
- Paying your tax in instalments
- Information on COVID-19 relief programs will impact your tax returns (CEWS, CRHP, CERS, CEBA and individual emergency recovery benefits)
- Tax deductions and tax credits for Canadian farmers
- How to apply Capital Cost Allowance and Accelerated Investment Incentives
- Tips on keeping an audit-proof mileage log
- The impact of RRSP contributions to your taxable income
- Advice to prepare for your tax preparation appointment and a printable checklist to ensure you're not missing any key tax documents
Last year, 20,000 FBC Members collectively saved $42 million because of their relationship with FBC.
Every day your FBC Membership brings your business value — including tax preparation, tax planning, financial consulting, audit representation, bookkeeping, payroll and much more.
With more than 65 years of experience, we understand the needs of Canadian farmers. We know taxes. We can help.