Farm Tax Preparation Services

Farm tax preparation services near Erin, Orangeville, Caledon, Guelph, and surrounding areas.

Farming income and expenses for income tax purposes - we prepare and file tax returns for small businesses and partnerships involved in farming activities. Previously farmers ourselves, we recommend farmers different strategies to minimize their income tax liability.

Please, check all the relevant documents to attach to your personal T1 tax return package. Farm business tax preparation fees start from $300 and increase depending on the complexity (ex: filing for partnership).

What is not considered as farming?

Farming does not include:

• operating a zoo and producing an income from raising exotic or wild animals

• producing an income from selling animals classified as pets

• running an office for a farmer or consulting farmers

• providing horse riding lessons

• renting out or leasing farm property in exchange for a share of the crop

Farm Tax Return Checklist

Do you have other sources of income and expenses?

Farming expenses

Farming income

T2042 Statement of Farming Activities

Wheat
Oats
Barley
Mixed grains
Corn
Canola
Flaxseeds
Soybeans
Grains and oilseeds
Fruit
Potatoes
Vegetables (not including potatoes)
Tobacco
Other crops or seeds
Forage crops or seeds
Livestock sold
Milk and cream (not including dairy subsidies)
Eggs for consumption
Other commodities
Program payments
Rebates
Custom or contract work (including machine rentals)
Insurance proceeds
Patronage dividends

General Expenses

Containers and twine
Fertilizers and lime
Pesticides (herbicides, insecticides, fungicides)
Seeds and plants
Feed, supplements, Straw, and bedding
Livestock purchased
Veterinary fees, medicine, and breeding fees
Machinery expenses
Repairs
Licenses and Insurance
Gasoline, diesel fuel, and oil
Building repairs and maintenance (including fence repairs)
Clearing, leveling, and draining land
Crop insurance, Revenue Protection Program, and stabilization premiums
Custom or contract work (includes machine rentals)
Electricity
Heating fuel and curing fuel
Insurance program overpayment recapture
Insurance
Interest and bank charges
Office expenses
Professional fees (includes legal and accounting fees)
Property taxes
Rent (land, buildings, and pasture)
Salaries, wages, and benefits (including employer's contributions)
Motor vehicle expenses (not including CCA)
Small tools
Mandatory inventory adjustment included in the previous year
Optional inventory adjustment included in the previous year
Mandatory inventory adjustment included in the current year

Office Expenses

Heat
Electricity
Insurance
Maintenance (minor repairs, paint, cleaning supplies, light bulbs)
Mortgage interest
Property taxes
Amount carried forward from the previous year
Capital cost allowance

Personal Tax Return - Other Income and Eligible Expenses