Farm Business Advisors in Ontario

As farm business advisors living and working in communities throughout Ontario we work with farm businesses just like yours to relieve the burden of reporting requirements, compliance and other administrative paperwork by looking after bookkeeping, payroll, tax and financial reporting, so the business owner can work “on the business” rather than “in the business”.

We recommend best business practices for the management of your business while providing the support necessary to identify, register and participate in various farm support programs such as AgriStability, AgriInvest.

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Our services for farm businesses:

ACCOUNTING

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Financial Statements

  • Prepare Financial Statements including Balance Sheet, Income Statement, and Statement of Cash Flows, in accordance with applicable professional standards.
  • Provide supplementary notes to the Financial Statements, maintain a fixed asset listing, provide an inventory summary and prepare accounts receivable and accounts payable reports.
  • Provide a higher level of assurance on the Financial Statements with our Review Engagement Reports.

Bookkeeping

  • Assist in the compilation of information and preparation of sales tax returns tailoring our services to your requirements from full HST reporting to assistance with compliance issues.

Harmonized Sales Tax

  • Assist in the compilation of information and preparation of sales tax returns tailoring our services to your requirements from full HST reporting to assistance with compliance issues.

Accounting System & Records Maintenance

  • Assist with a variety of accounting and management software suitable for agricultural or small business enterprises and provide electronic maintenance advice.
  • Assist those who prefer to maintain manual records.

Payroll reporting

  • Develop a payroll system and prepare all necessary payroll returns in a timely manner (T4, EHT, etc.).

WSIB

  • Assist with all WSIB reporting.

Owner/Manager Remuneration Issues

  • Balance your remuneration issues to include the right mix of salary and dividends for your particular situation.

TAX SERVICES

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Interim Statement

  • Our unique interim statement service helps to project income for business and tax services.

Tax Planning

  • Tax planning for individuals, corporations and estates.

Tax Return Preparation

  • Tax return preparation for individuals, corporations, estates and trusts, not for profit organizations.

Advanced Tax Planning

  • Changing enterprises or scaling back operations requires advanced planning to maximize proceeds while minimizing income taxes.
  • Fully utilizing all available deductions and credits including capital gains exemptions available on the sale of qualifying farm property is important.
  • Taking advantage of tax free rollovers to other family members.

PLANNING & ADVISORY

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Forecast, Projections, Cash Flow & Budget Analysis

  • Forecast your financial position and cash flow sources and uses based on different scenarios and action plans you have in mind.
  • Meet with you monthly, quarterly, or annually to record all deposits and disbursements including any HST reporting.

Business Assessments & Ratio Analysis

  • Prepare a detailed financial analysis of your business identifying trends compared to industry standards.
  • Calculate various financial ratios for your unique business or farm operation.
  • Prepare a report with recommendations and suggestions to improve your bottom line.

Re-organization

Select the appropriate structure for your business including:

  • Proprietorship
  • Partnership – formation or dissolution
  • Trust – formation or distribution
  • Corporation – formation, dissolution, wind-up or amalgamation

Succession Planning

Succession is the transfer or sale of a business to a new owner or the next family generation. A detailed plan will help you deal with issues such as:

  • Labour
  • Management
  • Decision-making
  • Ownership

Estate Planning

Estate planning deals with how your assets (property, money, investments, insurance, collections, etc.) will be distributed upon death. An estate plan includes:

  • Financial and tax planning
  • Business succession planning
  • Wills and power of attorney
  • Trusts and living wills
  • Funeral planning

Purchase of All or a Portion of a Business

  • Assist with all aspects of the successful purchase of a business including cash flow projections and transition planning.

GOVERNMENT PROGRAMS

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AgriStability/AgriInvest

  • Assist with annual reporting requirements for AgriStability/AgriInvest which include completion and submission of forms to Agricorp Administration.
  • Review the administration’s calculation of program benefits and identify situations where the farmer is eligible for additional benefits.

Growing Forward

  • Growing Forward is a unique government program administered by the Ontario Soil and Crop Association.
  • Provide Farm Business Assessments to the producer under this program by our registered consultants.
  • Develop advanced business plans involving succession, business planning, marketing, diversification, and risk management by our experienced consultants.
  • Costs under this program are shared equally by the producer and the government.

Other Programs

  • Recommend participation in other government programs that would be beneficial in your particular circumstances.