Connect with us

Marketing

Tax deductions for Canadian growers

Most of the tax rules that apply to Canadian small business owners also apply to farmers and agricultural producers.

There are however some expenses, tax deductions and write-offs that apply specifically to income earned through agricultural activities that will help lower your tax bill.

Expenses, tax deductions and write-offs for Canadian farmers
Building repairs and maintenance
This includes repairs to fences and buildings used for farming (this excludes your farmhouse).

Business-use-of-home expenses
You can deduct expenses for the business use of a work space in your home. This includes part of your maintenance costs (cleaning materials, utilities, home insurance) along with part of your property taxes and mortgage interest.

To claim this expense and avoid scrutiny of the Canada Revenue Agency (CRA), make sure you’ve calculated the percentage of your home that’s used for your farm business and apply that percentage to the tax deduction.

For example, if you’re living in a 1,000-square-foot house, and your work space is 100 square feet, you’re using 10 percent of your home for business use, that means you can deduct 10 percent of your expenses.

Capital Cost Allowance
If you acquire a depreciable property or asset for your farming business, such as a building, furniture, or equipment, and it is valued at more than $500, you can deduct its cost over a period of several years. This yearly deduction is called a capital cost allowance (CCA). There are a few rules you need to follow to claim it.

You cannot deduct its full cost when you calculate your net business income for the year in which you acquired the asset or property. It must be deducted over a period of years.

Silos, for example, are considered Class 8 property which allows you to deduct 20% for your annual CCA.

Tractors, trailers and trucks are typically considered Class 10 which allows for 30% CCA.

There are different rules and classes depending on the asset, its use and its value. We recommend talking to a tax specialist to determine the optimal application for this deduction.

Clearing, levelling and draining land
You can deduct expenses associated with clearing trees, roots, stones and brush from your farmland, building an unpaved road and installing land drainage.

Containers and twine
You can deduct expenses for materials you bought to package, contain or ship farm produce or products.

Crop insurance, Revenue Protection Program, and stabilization premiums
This includes premiums to participate in programs such as AgriStability, AgriInvest, AgriInsurance and AgriRecovery.

Custom or contract work (includes machine rentals)
This includes costs related to hiring subcontractors, rental equipment used in earning farming income (aerators, dozers, plows, etc.).

A word of caution: you must ensure that the fees you are paying for subcontractor work would not qualify as an employee wages as you may later find yourself on the hook for unpaid employment premiums, taxes and may be subject to penalties and interest.

Read here about further tax reductions.

Continue Reading

Asia

Fruit salon – prices are the same as in a jewelry store: the most expensive fruit store operates in Japan

The Japanese are more than extravagant people, they always come up with something, go ahead of the rest of the world. This time they distinguished themselves with the world’s most expensive fruit salon.

Sembikiya is essentially a fruit shop, but the goods here are so expensive and the interior of the store resembles a jewelry salon, so “fruit salon” is a rather apt name.

This is the main store of the Japanese fruit giant Sembikia. It has been run by the same family since 1834. At the time, it was an ordinary fruit shop, but one day the second generation wife of the owner of the shop decided that they could make money in another way.

So, this is more of a gift shop than a store. About 80–90% of these goods are bought as a gift, because in Japan it is customary to give expensive fruits for official events (weddings, business negotiations and hospital visits).

Square watermelon – for only $ 212.

$ 69 for a package of royal strawberries (12 pieces).

Or a watermelon denuke for $ 127 ???

By the way, in 2011, farmers from Hokkaido were very sad because the price of these watermelons fell: the most expensive of them was then sold for “only” $ 4,000. Only 100 of these watermelons are grown in Hokkaido every year.

Yubari melons (one for $ 160 or two for $ 265). These are the most expensive fruits on earth. Once such a melon was sold at an auction for $ 23,500.

What’s so special about them? First, they are grown in ideal greenhouses and covered with hats to keep them from drying out in the sun. Each plant produces only one fruit, and to get the sweetest fruits, farmers cut the fruits ahead of schedule.
The Sembikia family claims that it was she who started the tradition of giving expensive fruits.

Source

Continue Reading

Asia

AGRITECHNICA ASIA and HORTI ASIA

lAAAcGwpgoAAAAASUVORK5CYII=
Organizer AGRITECHNICA ASIA and HORTI ASIA permission to bring the buzzing from the press conference on October 12, 2564 files attached. and. courtesy the media helps public relations in the channel of the person next to updates about events AGRITECHNICA ASIA and HORTI ASIA Regional Summit to be held on 16 November 17 2564 at Korat.
V n u Asia Pacific Association of agricultural German (DLG) held a Pre-Networking and Press Event of AGRITECHNICA ASIA and HORTI ASIA Regional Summit via the online system DLG Connect with exhibitors, more than 100 people from 14 countries have used this opportunity to learn about the jobs summit agro-industrial levels, the region was going to happen in November.
As a host, co-official regional summit AGRITECHNICA ASIA and HORTI ASIA Regional Summit: Dr.Thongplew pile of Monday, permanent Secretary of the Ministry of agriculture and cooperatives have said, a welcome reception, followed by the Dr.Wanida generator Francis Director, office of foreign agricultural has presented the vision of Thailand the field of intelligent manufacturing for sustainable food systems thidarat rotanan Vice President of industry, Nakhon Ratchasima province, said: “Nakhon Ratchasima province, not only is the heart of the production of crops of Thailand but also is the state that is selected to manage regional summit this time.”
The company focus on innovation of the future, CLAAS, Varuna AI & Robotics Ventures, Gessner Industries and Planet explains participation in the development of the food system more sustainable, while Mr. Karsten Ziebell from a collaborative project between the German-English explains the concept and the form of cluster farms can lead to farming sustainable? and invite those interested to attend the meeting, farming cluster of the future (Clusterfarm Future Conference) to be held for the first time within the jobs summit agro-industrial regional.
More information and register to attend at a special price, visit the web site of the work, the
Or contact special price for admission to an enterprise or group call. 02-1116611 (V n u Asia Pacific)
Continue Reading

Marketing

Financing a sustainable global food system

The global food system is unsustainable. While it is worth approximately $8 trillion annually, its negative impact is valued at roughly $12 trillion. And this is not the system’s only contradiction. Around the world, food systems are affected by climate change (due to disruptive weather and rising temperatures) and make significant contributions to it (through greenhouse gas emissions and biodiversity destruction). The millions of jobs they provide are often low-quality and poorly paid. And, most significantly, they fail in their ultimate purpose of delivering affordable, healthy food to all, writes Simon Zadek at eijnsight

The global food system is unsustainable. While it is worth approximately $8 trillion annually, its negative impact is valued at roughly $12 trillion. And this is not the system’s only contradiction. Around the world, food systems are affected by climate change (due to disruptive weather and rising temperatures) and make significant contributions to it (through greenhouse gas emissions and biodiversity destruction). The millions of jobs they provide are often low-quality and poorly paid. And, most significantly, they fail in their ultimate purpose of delivering affordable, healthy food to all, writes Simon Zadek at eijnsight.com.

Because the global food system is fundamentally unviable, change is inevitable. But the radical reforms needed to create an inclusive, sustainable sector that produces nourishing food for the world’s population may have devastating short-term consequences. If we take the wrong approach, incorporating the actual production costs into food systems could trigger widespread bankruptcy, devastate rural unemployment, drive up prices, and increase poverty.

However, the best way to achieve a rapid, fair, and safe transition to a sustainable global food system that can deliver affordable, healthy food for all is a matter of heated debate. This is reflected in the strident and largely unproductive discussions taking place in the run-up to the United Nations Food Systems Summit, to be held during the UN General Assembly this month.

From a production standpoint, advocates of regenerative farming vehemently oppose a new generation of soilless food production, such as lab-grown “alternate protein” and vertical farming. But it is tough to scale regenerative farming rapidly. Soilless systems must be a major part of the solution, given their dramatically reduced carbon footprint and water use, minimal impact on biodiversity, and potential for rapidly delivering cheap, healthy food at scale.

The role of finance in this transition is no less controversial.

There is some merit to complaints about the undue influence of a limited number of private players on decisions that impact the entire global food system. Financialization – the drive to maximize risk-adjusted financial returns – is increasing across the global food system, and market concentration is growing. For example, just ten companies control half of the world’s seed market, and four agribusiness firms account for 90% of the global grain trade. Just 1% of agricultural firms own 65% of the available farmland.

 

Because the global food system is fundamentally unviable, change is inevitable. But the radical reforms needed to create an inclusive, sustainable sector that produces nourishing food for the world’s population may have devastating short-term consequences. If we take the wrong approach, incorporating the actual production costs into food systems could trigger widespread bankruptcy, devastate rural unemployment, drive up prices, and increase poverty.

However, the best way to achieve a rapid, fair, and safe transition to a sustainable global food system that can deliver affordable, healthy food for all is a matter of heated debate. This is reflected in the strident and largely unproductive discussions taking place in the run-up to the United Nations Food Systems Summit, to be held during the UN General Assembly this month.

From a production standpoint, advocates of regenerative farming vehemently oppose a new generation of soilless food production, such as lab-grown “alternate protein” and vertical farming. But it is tough to scale regenerative farming rapidly. Soilless systems must be a major part of the solution, given their dramatically reduced carbon footprint and water use, minimal impact on biodiversity, and potential for rapidly delivering cheap, healthy food at scale.

The role of finance in this transition is no less controversial.

There is some merit to complaints about the undue influence of a limited number of private players on decisions that impact the entire global food system. Financialization – the drive to maximize risk-adjusted financial returns – is increasing across the global food system, and market concentration is growing. For example, just ten companies control half of the world’s seed market, and four agribusiness firms account for 90% of the global grain trade. Just 1% of agricultural firms own 65% of the available farmland.

 

Continue Reading

Trending

Total
1
Share