Farm Returns

Canada Farm and Agriculture Tax Accountants – Bomcas Canada Accounting.

Bomcas Canada Accounting Canada Farm Agriculture Tax Accountants Services specializes in Farm Taxes, Bookkeeping, Payroll for Corporate, Small and Medium size Business and Tax preparation and filing for Corporation, sole proprietorship and individual personal tax. We serve clients throughout all Canadian Provinces such as: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan. Local and virtual accounting services provided in order to help client that is unable to visit locally.

Our experience and qualify team have been providing Accounting and Tax service for more than 15 years. When you are looking for a one stop accounting and tax services, we are there to provide a complete solution package for you.

Accounting for Farms and Agricultural Businesses

  • Outsourced accounting and bookkeeping
  • Cash basis accounting
  • Budgeting and cash flow management
  • Financial statement preparation
  • Farm income averaging
  • Tax preparation and strategic tax planning
  • Entity selection and business advisor services
  • QuickBooks training & support
  • Capital tax planning
  • Succession planning

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    Farming and Fishing Income

    You may be operating a farming business, a fishing business, or both. If you run both a farming and a fishing business,
    farming and fishing income includes income earned from activities from either list below.

    Farming income

    Farming income includes income you earned from the following activities:

    In certain circumstances, you may also earn farming income from:

    • soil tilling
    • racehorse maintenance
    • dairy farming
    • tree farming
    • livestock raising or showing
    • poultry raising
    • fur farming
    • fruit growing
    • cultivating crops in water or hydroponics
    • operating a chicken hatchery
    • beekeeping
    • Christmas tree growing
    • operating a feedlot
    • raising fish
    • operating a nursery or greenhouse
    • market gardening
    • operating a maple sugar bush

    Fishing Income

    Fishing income includes income you earned from the following activities:

    It also includes income from:

    • salt water fishing – boat owners with crewshares
    • salt water fishing – sharesman
    • freshwater fishing – boat owners without crewshares
    • animal aquaculture
    • salt water fishing – boat owners without crewshares
    • freshwater fishing – boat owners with crewshares
    • freshwater fishing – sharesman
    • sale of fish, shellfish, crustaceans or other marine products
    • grants
    • rebates
    • compensation for loss of fishing income or property
    • credits
    • subsidies
    • other income