Manager’s Report
Fall has arrived in Saskatchewan, bringing cool mornings, warm afternoons, and busy harvest days. Overall, weather conditions have been fairly cooperative, with many farmers reporting good yields and quality across the province. As I write this, we received over 3 inches of rain this past weekend, which has slowed harvest progress in some areas but will hopefully allow for a strong finish once fields dry.
As harvest wraps up — or you’re waiting for the fields to dry after a stretch of rainy days — it’s the perfect time to look beyond the field and focus on your books. A tax review can make a big difference — even if your return was filed correctly, a second look often finds opportunities to reduce tax, optimize deferrals, or improve cash flow planning for next year.
If your year-end is in December, please book your tax review by October 15th to ensure there’s enough time to act on any recommendations before year-end.
Our team is here to help you make the most of your hard work this season. Contact us if you’d like to schedule a tax review and set your operation up for success in 2026.
Wishing you a safe and smooth finish to harvest!
Danielle Mytopher
Manager, Wheatland Accounting Services
HOLIDAY HOURS
Our office will be closed on the following dates:
- Monday October 13th
- Tuesday November 11th
- Wednesday December 24th
- Thursday December 25th
- Friday December 26th
- Wednesday December 31st
- Thursday January 1st
- Friday January 2nd
ENJOY THE HOLIDAYS !
Tax Review Deadlines:
October 1st — November year ends
October 15th — December year ends
December 1 – January year ends
THE CANADA DISABILITY BENEFIT
The Canada Disability Benefit provides direct financial support to people with disabilities who are between 18 and 64 years old. The program is administered by Service Canada and came into effect in June of 2025.
If you qualify for payments, you will begin receiving payments the month after your application is received and approved. You may receive back payments for up to 24 months from when your application is received, but not for any previous months prior to June 2025.
For more information, or to apply online, go to: https://www.canada.ca/en/services/benefits/disability/canada-disability-benefit.html
Saskatchewan Home Renovation Tax Credit
This non-refundable tax credit is available once again for the 2025 tax year
Save & submit your receipts to us with your tax documents for renovations completed October 1st, 2024 to December 31st, 2025
For more info see Government of Saskatchewan website
Bare Trust Reporting Requirements for 2025
Bare trusts – where someone holds legal title but acts only at the direction of the beneficiary – are now on CRA’s radar.
What’s New:
- 2023 & 2024: CRA offered administrative relief, so most bare trusts didn’t have to file unless requested.
- 2025 onward: Most bare trusts will need to file a T3 Trust Return and Schedule 15 with full beneficial ownership details unless an exemption applies.
Key Exemptions:
- Trust existed for less than 3 months
- Assets stayed under $50,000 and were only cash, GICs, or listed securities
- Property is a principal residence held for related individuals
- Property is held for a partnership, under a court order, or for certain public corporations
Why It Matters:
- Missing a filing can result in significant penalties – even a percentage of the trust’s property value.
What To Do:
✅ Review arrangements that might qualify as bare trust
✅ Identify trustees, beneficiaries, and property details early
✅ Check for exemptions
✅ Prepare to file for 2025 if needed
Need Help?
If you think you may have a bare trust or aren’t sure, contact our office today. We can review your situation, confirm if you need to file, and make sure you meet CRA’s new requirements.
How to Avoid Capital Gains on Farmland
Intergenerational Rollovers—defer capital gains by transferring farmland to a child or grandchild without triggering immediate tax. CRA rollover conditions must be met.
Reserves and Timing — defer some of the gain over several years using reserve provisions, or structure the timing of your sale to make better use of your LCGE.
Lifetime Capital Gains Exemption (LCGE) – prevents a farmer from paying taxes on a percentage of capital gains from the sale of qualified farm property (QFP)
Selling or handing down the farm is complicated!
Call us and book an appointment to discuss your options
Congratulations 2025 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.
Morgan Debenham, Kennedy SK
Mya Verville, Creelman SK
Torey Carlson, Melville SK
Pictures & essays can be found on our website: www.wheatlandaccounting.com
BEHIND THE FRONT DESK
Why is our office the best?
Because to us, everyone counts!!
