Manager’s Report
Dear valued clients and friends of Wheatland Accounting,
I hope you’re all doing well and enjoying this beautiful time of year. It’s been a pretty warm Saskatchewan fall, the weather’s starting to turn, the fields have been busy with harvest, and we’re all gearing up for those cooler days ahead. Just as the farmers are wrapping up the season, it’s a good reminder for us to do some “harvesting” of our own—by taking a closer look at our financials and getting ahead on planning for the next fiscal year.
While taxes aren’t as exciting as watching the combines roll through the fields, taking the time to figure out where you are at can be just as valuable as a bountiful harvest. The benefits include cost savings, avoiding surprises, improved cash flow and it’s not just about saving this year; it’s about setting the business up for growth and stability. Whether we’re considering reinvestment, expansion, or just managing cash flow, understanding our tax position will help guide those decisions.
Just like the farmers carefully plan their crops to get the most out of the land, we can use a tax review to make sure we’re maximizing our financial opportunities. Tax laws change frequently, and there may be deductions or credits we haven’t fully tapped into.
Think of a tax review as the financial equivalent of bringing in the harvest—it’s about ensuring we’re getting the most out of our hard work. By optimizing our tax strategy, we can free up resources for other key areas, whether that’s upgrading equipment, investing in technology, or rewarding the team for a job well done. As the harvest wraps up across Saskatchewan, it’s time for us to get our financials in order, too.
Please note the tax review deadlines and contact our office to see how a tax review can benefit you!
New CRA Rule
To sign a form electronically (T183’s for personal and corporate income tax) CRA will be requiring an email address for each individual that signs electronically. This could affect you if you and your spouse share the same email address.
If you wish to sign forms electronically, please ensure you and your spouse have your own individual email address as well as provide Wheatland with any changes.
Watch for an Invite to Our New Portal
Our current secure portal will soon be replaced by a new secure portal, where all of your financial information will be published for Wheatland and the clients use only. Examples of items that will be published to your portal will be:
- Annual Income Tax Returns
- Financial Statements
- Bookkeeping Reports
- Items to sign
Once you receive an invitation from our office, you will have 7 days to accept before it expires.
Tax Review Deadlines
October 1—November year ends
October 15th—December year ends
December 1– January year ends
Do you have access to CRA My Account? There are so many benefits including: Tracking your benefits and tax refund!
Proposed Canada Disability Benefit
Payments to eligible Canadians would begin July 2025. A maximum benefit amount of $2,400 per year would be available to eligible individuals between the ages of 18 and 64 for the disability tax credit. We will keep you updated when the benefit receives royal assent.
Secure Your Business’s Future with Succession and Exit Planning
In the world of business, change is inevitable. Whether you’re a seasoned entrepreneur or just starting out, it’s essential to plan for the future and ensure the longevity of your company. One crucial aspect often overlooked is succession and exit planning. Using your trusted accountant is crucial for your planning needs as they can provide expert financial guidance and help you make informed decisions ensuring the security and success of your financial future.
Succession Planning: Ensuring Continuity
Proper succession planning ensures a smooth transition in leadership minimizing disruption
to daily operations. It ensures your hard earned farming legacy continues.
Exit Planning: Preparing for the Unpredictable
Exit planning involves creating a strategy for selling, transferring, or winding down your business. You’ve put years of hard work into building your business, exit planning ensures that your legacy continues whether through a sale, merger, or passing it down to family members.
Incorporation: A Strategic Move
Incorporation can be a useful tool in limiting liability, assisting in transferring your business and helping you invest in your business while reducing your tax burden.
If you would like to explore any of these planning strategies don’t hesitate to call our office. Our experts are available to help you with all of your planning needs. Remember your accountant knows you best and will ensure you get the most value for your plan or advice!
Capital Cost Allowance
2024 is the final year for individuals to take advantage of the 100% write off for certain classes of asset purchases. We would recommend having a tax review or contacting our office to see if the asset you purchased qualifies.
Congratulations 2024 Scholarship Recipients
Each year Wheatland Accounting Services awards 3 – $500 scholarships to grade 12 graduates entering agriculture-related post-secondary studies in the fall. Candidates must submit a creative short essay or video expressing why they are Passionate About Ag and are pursuing this as their career choice. Join us in congratulating this year’s recipients of our “I’m Passionate About Ag” Scholarships.
Ava McIvor, Davidson SK
Mary Lee McNeil, Alameda SK
Gracie LeBlanc, Estevan Sk
Pictures & essays can be found on the scholarship page.
Changes to the Capital Gains Inclusion Rate
Dispositions on and after July 25, 2024 will now have a inclusion rate of 2/3 (up from 50%) on gains over $250,000.
The Lifetime Capital Gains exemption has increased from $1,000,000 to $1,250,000.
Contact our office to see how these changes may affect you!
Mileage Logs
If you are using a vehicle for business purposes for less than 100% CRA may require a log of kms
driven. It’s advised to keep a clipboard in your truck to track kms for business use, there is also an app you can download called mile IQ
Behind the Front Desk
Why are all accountants so tired after work?
Because their job is so taxing !!!
