BDO’s Jesse Moore gave a presentation regarding farm taxes at the Knights of Columbus Hall outside of Mildmay on Tuesday.
Moore touched on the new Liberal government's tax initiatives and how they may affect farmers this coming year.
The Liberals have promised things like a middle class tax break and tax free savings cut backs.
Moore doesn’t believe this will greatly affect most farmers, suggesting “we will have to have a wait-and-see approach as far as the Liberals implementing new tax laws that directly target farmers.”
The second phase of Moore’s presentation had to do with CRA tax audits and how to properly ensure farmers don’t run into tax write off issues, such as purchasing corporate vehicles or proper payment to relatives on the farm.
Moore says “I hate when a client runs into these problems with an audit, when if they had have came to us prior, we could have helped them sort it out properly without them getting into trouble with the CRA. It all comes down to being educated and knowing how to properly prepare for these tax audit situations.”
Moore also noted he doesn’t see any major upcoming legislature that will adversely affect farmers in the near future, but again, with a new government, it’s a wait and see process.
Tuesday's event was part of an annual series of Agricultural Road Shows BDO puts on for farmers and agribusiness operators.
===
Moore touched on the new Liberal government's upcoming tax implementations for 2016 and whether they will affect farmers.
[audio mp3="http://blackburnnews.com/wp-content/uploads/2015/12/BDO-MOORE-1.mp3"][/audio]
===
Moore's presentation included a review of how farmers can avoid taxation audit issues with the CRA on things like vehicle purchases and employee payments.
[audio mp3="http://blackburnnews.com/wp-content/uploads/2015/12/BDO-MOORE-3.mp3"][/audio]
