LaSalle, Ontario, 10 miles south of Detroit Mi. | I think you are in Ontario correct? If so keep this in mind.
Farmers who earn a minimum annual gross farm income of $7,000 or more (as defined by the Canada Revenue Agency) must register under the Farm Business Registration (FBR) Program* in the following year. Most crop and livestock income is eligible.
I believe collecting rent doesn't count so taking 1/3 of the crop might bump you up over the $7000 mark which should help you in filing tax return.
Rental income will just push you into higher tax bracket, you have off farm income so you probably are paying good amount of taxes now.
I would sit with my accountant and ask him, if you don't have an accountant find one.
Just my 2 cents.
|