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While fall is one of the busiest times for farmers, it’s also the best time to start thinking about your taxes.

Engaging in tax planning for your farm now allows you to get organized and assess what cost-saving actions you can take before tax year-end to lower your future business or corporate taxes next spring.

Consider this Year-End Tax Planning toolkit for your farm your roadmap to help you get organized, reduce your tax burden, and keep more money in your pocket. In here you’ll find some of the most successful year-end tax planning strategies we employ for our Members who farm or own agribusinesses.

Get your free toolkit now.

Your free 40-page toolkit includes 10 key strategies you can use before year-end to pay less tax:

  • Contributing to an RRSP or TFSA. How to calculate your contribution room and engage in a little financial planning for your situation and goals.
  • The income strategies, like income splitting, you may be able to use to lower your taxes.
  • A list of top tax deductions to reduce income tax for farmers and ag producers.
  • How timing the purchase or sale of capital assets can impact your tax position. 
  • Incorporated? We review salary versus dividends and which options may lower your tax liability.
  • And 5 more strategies, including choosing between cash or accrual accounting.

About FBC

Last year, 20,000 FBC Members collectively saved $42 million because of their relationship with FBC.

Every day your FBC Membership brings 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 farm and small business owners. We know taxes. We can help.