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Tax Assessments For Rural “Money-Making” Activities
For the past 15 years or so, a section of FARM SHOW has been devoted to “money-making ideas to boost farm income” (see pages 6 to 9 in this issue). Until about a week ago it had never dawned on me that starting a farm-based enterprise might have severe tax consequences. Then I read an article in the Canadian magazine
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Tax Assessments For Rural “Money-Making” Activities MISCELLANEOUS EQUIPMENT Miscellaneous For the past 15 years or so a section of FARM SHOW has been devoted to “money-making ideas to boost farm income” see pages 6 to 9 in this issue Until about a week ago it had never dawned on me that starting a farm-based enterprise might have severe tax consequences Then I read an article in the Canadian magazine Better Farming Although the article was about taxation in the province of Ontario there are probably other areas of Canada and the U S where taxing authorities are looking for extra revenue The article explained how starting a money-making enterprise on your farm in Ontario can dramatically increase property tax by changing the status of property from “farming” to “industrial” The resulting increase in taxes could easily make the farm business unprofitable The Ontario Federation of Agriculture has been lobbying hard on the issue for years and hopes to improve the situation soon
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