Farm Tax Planning: Minimize Tax & Maximize Returns
Tuesday, January 24 4:00pm - 5:00pm Room 3
Wednesday, January 25 11:00am - 12:00pm Room 5
Les Creasy, CA, TEP, is MNP’s Regional Tax Leader for Northern Alberta. Les plays a key role in growing the firm’s taxation practice through value-added solutions for clients.
With more than 15 years of public practice experience, Les has an in-depth understanding of the taxation field. He specializes in Canadian corporate income tax issues, with a focus on reorganization and estate planning.
Working closely with owner-managers, professionals, and family owned enterprises, Les provides a unique, holistic perspective. This helps ensure each taxation solution benefits everyone involved, from individuals to entire businesses.
Les earned his Bachelor of Commerce degree with distinction from the University of Alberta. He received his Chartered Accountant designation in 1995 and the Trust and Estate Practitioner designation in 2002.
The life cycle of a farm involves change. As your farm business changes, it is essential that steps are taken to ensure that all facets of your farm business keep up with the changes.
At MNP LLP, we refer to the necessary planning to allow your farming business to effectively transition to the various stages as succession planning. Succession planning is not an event that is visited once but it is a process. It is the development of a continuity plan. As part of this succession plan, it is important to consider the impact of the change on your family as well as your business.
Income tax is a key factor of this succession planning so as to ensure that the Canada Revenue Agency is not taking or getting more than their fair share. There are many income tax planning opportunities as well as traps that can arise. From an income tax point of view, some of the topics that we will discuss will be:
• When is your farmland not “qualified farm land”
• When being a farmer doesn’t mean being in the business of farming
• How you pass your farming business to your kids without income tax
• How to not waste your capital gains deduction
This session will also touch some of the non-tax issues associated with farm succession planning. These non-tax issues can undo the most effectively crafted tax plan and thus it is essential to consider these issues up-front and as part of any planning to be undertaken.