Today’s agriculture industry is facing a variety of challenges that require comprehensive and effective accounting and financial management. These challenges include global trade, family succession issues, and effective tax planning. These challenges require agriculture accounting specialists who understand the unique opportunities and inherent risks of the industry and provide the clarity needed to address them. Bomcas Canada services are tailored to meet the unique needs of this industry.
As a member of a leading accounting firm with national and local focus, we are committed to providing informed market insights and informed decision-making. As an Accounting Technician, you’ll be responsible for a variety of projects and can expect to grow with the company as your training and education progresses. We are proud to be certified as Ag Data Transparent, and our clients can rest assured that we’ll keep their data secure.
The Ontario Farm Accounting Workbook is designed to help you manage your farm business and meet your record-keeping needs. It is comprehensive, easy-to-use, and updated to include the AgriStability program and Harmonized Sales Tax information. The workbook also allows you to allocate revenue among various enterprises and includes cost-of-production reports. The file requires a basic understanding of Excel and includes macros to simplify the process.
Canada is an incredibly integrated agricultural supply chain. As a result, most agri-food processing facilities are relatively reliant on foreign agricultural products. In fact, imports of fresh fruits and vegetables were only 40 percent of total Canadian agri-food processing facilities in 2015. The rest of the agricultural industry is not reliant on international trade; most of the country’s agricultural products are imported duty-free since 1989. Some sectors are largely supply managed, including wheat and dairy.
If you have a farm, you may be eligible for a Canada Agriculture Tax deduction. This tax relief is designed to assist farmers in reducing their income tax liability. There are several ways you can claim your agricultural tax deduction, depending on the type of farm you have. For example, you can deduct the cost of a farm office, as long as you are using at least ten percent of your space for business purposes. Some of the other expenses you can claim as a tax deduction include clearing land, installing land drainage, and packaging farm products. Families own a majority of farms in Canada, and many farm businesses remain family-run. Maintaining the financial health of these businesses across generations is a key part of running a farm. That's why CFA has made it a priority to develop a tax policy that supports future generations of farmers. This means removing the disincentives that discourage family farm transfers. Farmers are also now eligible to claim a thirteen-per-cent rebate under the HST on business purchases. This will help them to reinvest profits back into their operations. This tax cut will make it easier for farmers to compete and create jobs.