sw ontario | cbm - 12/27/2015 08:37
Some good advice in this thread(not really). Good cpa firm is your answer. Seems expensive but worth every penny. Our family thought it would be fun to farm debt free. As we neared the payoff realized it wasn't all that it was cracked up to be. Accountant informed us running a business it like fighting a war. You are always either attacking or retreating. When you are not growing less of an opportunity to get rid of taxable income. Buy something to make more money
It really is a balancing act that can be different for each farm , some have many coming on and need more income ,others want "prestige" and some just want a comfortable lifestyle . Growing the farm each year can be fun when profits support the growth ,renting a bunch of $4-500 acre land too grow the farm and then realizing thatwe are out of cash isn't fun growth. In the end only you can decide what your comfort level is . As far as taxes in Ontario if you are incorporated the tax rate is only something like 13% on first $400k taxable |
About borrowing money and paying it back.
