You’re Invited!
Please join us to celebrate 40 Years.
October 28th, 2021 Fillmore Memorial Hall Come & Go 1 to 4 pm Coffee, cake & prizes.
Changes to Public Health Orders may alter the event. Please call ahead or check facebook for any updates.
Important Deadline
AgriStability application deadline without penalty September 30, 2021
If you would like a Tax Review please ensure you have all of your information to us by November 15th.
President’s Message
Included with this newsletter you will receive a letter from me explaining that some changes are coming for me in the future, as I step back from full time activity in the office to a part time support role during the transition of the business. Elaine and I have been planning for this over the last few years, and our primary objective has been that the business would transition in such a way that would be seamless to our loyal clients and a positive experience for our amazing team.
We are very appreciative that the company purchasing Wheatland, Datatax Business Services Ltd, also considers these objectives as a priority, and is keeping the office in Fillmore, keeping all of our team engaged and is retaining Danielle as the manager of this office. Datatax Business Services is a holding company that holds an interest in several different national accounting, tax and technology companies. They recognize the potential in our team and our business model and will continue to operate the company under the Wheatland Accounting Services name. Our association with this company opens the door for Wheatland to offer additional services to our clients by accessing specialists they work with in financial planning, estate planning and other specialized areas. We will continue to have a working relationship with Buckberger Baerg and Partners out of Saskatoon to help us with complex tax transactions as we have in the past.
I will continue to be available on a part time basis to assist with the transition, which will help to ease me into retirement, and I hope it will help with the transition as well. I am very excited to see all of this coming together in such a positive way and am extremely appreciative of the supportive team I work with, knowing that our clients will continue to receive the quality service that they deserve.
Please stop in at the Fillmore Memorial Hall, sometime between 1:00 and 4:00 PM, October 28 for coffee, cake and prizes to help us celebrate our 40th Anniversary and for an opportunity to meet all of our team As this is my final President’s Message I just want to say that the past 40 years working with our clients has been an incredible experience for me and I want to thank you all for putting your trust in Wheatland Accounting and allowing us to be of service to you.
Wishing you all the best!
Kelvin Shultz PBA, Dip Ag, CAFA
2021 Canada – Saskatchewan Drought Response Initiative
The purpose of the initiative is to provide compensation for extraordinary expenses, due to drought conditions, related to the maintenance of breeding livestock.
Who is eligible: An individual (18 yrs or older), corporation or partnership that reports farm income in SK and owns female breeding stock livestock.
First Payment: Applications accepted Sept. 1 2021 to January 31, 2022 based on female breeding stock inventory August 1, 2021 for up to $100.00/head.
Second Payment: Applications accepted January 31, 2021 to March 31, 2022 based on female breeding stock inventory Dec 31 2021 for up to $100/head.
- For payment 2 applicants will be required to complete an “Extraordinary Costs Questionnaire”
- Extraordinary costs include feed, water & feed transportation, labour, alternative grazing & temporary fencing etc.
- Where supported extraordinary costs are equal or greater than $285/head, payment = $100/head
- Where supported extraordinary costs are less than $285/head, payment is prorated
Example: ($200 of costs X 70%) – $100 = $40.00/hd
As there are many different scenarios it is important to read all the
program details before applying at: https://www.scic.ca/2021-canadasaskatchewan-drought-response-initiative/
Deducting Your Child’s Tuition
If your child is pursuing post-secondary education, you may be able to deduct their tuition from your taxes. If your child doesn’t have enough taxable income to claim the full tuition credit they can elect to transfer the unused amount to a parent, grandparent, spouse or common-law partner. A maximum of $5,000 can be used to reduce the amount of tax owing by the person claiming the tuition. The form T2202 will need to be filled out and signed by the student authorizing the use of the deduction. Alternatively the student may carry forward the unused portion of their credit to apply to future years.
For more information on the Tuition Education Tax Credit please give us a call.
Send Documents Electronically
Save time, money & help us do our part for the environment by sending us
your documents electronically!
Fast ✅
Convenient ✅
Secure ✅
All documents can be sent through our secure email link, ShareFile, to:
admin@wheatlandaccounting.com. We can also send all documents to
you electronically. We are happy to help if you are not sure how!
Other Notes
Included in the 2021 budget is the temporary provision to completely write off certain asset purchases in your current fiscal year.
- You must be purchasing the assets in a Canadian Controlled Private Corporation.
- The assets must be purchased after April 18th, 2021.
- Not all assets are included. Assets in CCA classes 8,10 & 16 are part of the list that are allowed.
What does this mean? If you purchase a combine for $500,000 you can choose to expense all of the $500,000 against farming income in the current fiscal year. This will reduce future CCA expense and could lead to recapture income when the combine is sold. Careful consideration should be taken in deciding what is right for your operation.
Can I claim groceries as a business expense at harvest time?
CRA will NOT accept deduction of groceries for meals at seeding and harvest unless meals are included as a taxable benefit to the employees and subject to wage deductions.
Do you want to have more money to pay down debt? Or maybe invest into your business? Tax planning can help you defer or avoid paying tax within the guidelines outlined by Canada Revenue Agency. Call our office to keep more money in your pocket.
2022 Contracts
Our client service contracts will be going out by mail and email in early November. If you do not receive your contract please give us a call.
