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Prairie Business Consultants : Tax & Bookkeeping - Keeping your hard-earned dollars in the West!

FARM SERVICES

1. AgriStability

The proper allocation of expenses towards each crop, and proper inventory controls and reconciliations are critical to getting the maximum advantage from AgriStability and other government programs.
2. Crop Profit & Cost Controls

It is important for every businessman to understand how profitable each crop or product is in order to plan ahead and allocate acreage and soil types correctly along with understanding of the benefit and cost of fertilizers and chemicals.
3. Crop Insurance Analysis

The type and level of insurance you should carry depends on many factors. It is important to know the ideal level to purchase in order to support your farming operation effectively at the best risk/ reward level.

BUSINESS CONSULTING

Grant & Loan Applications
It is critical to have a good set of books and proper financial statements in order to get the best rates from banks, leasing companies and equipment dealers.

Business Consulting
We will analyze and advise on the best current and future business structure to take advantage of current and future tax laws so that over your lifetime you pay the minimum tax possible, and provide for either the profitable sale of your operation or transfer to the next generation.

Cashing in on Carbon Credits
As the Government decides how Carbon Tax & Credits will apply to farmers, we ensure that proper procedures and accounting support the maximum credits to the farmer.

INCOME TAX

Tax Savings Strategies
There are a multitude of tax savings strategies that can be applied every year, and many more that can be used on a periodic basis to reduce your overall tax burden. We use every strategy possible to ensure you pay the minimum income tax during your lifetime.
Generational Transfers
Generational accounting considers how much each adult generation, on a per person basis, is likely to pay in future taxes net of transfer payments, over the rest of their lives. The correct planning of these strategies could provide tax savings of $100,000 and often more than $1 Million for each individual when properly applied.
Estate Planning
The proper planning ahead and correct application of the current and future income tax laws can allow the transfer of farm assets to the next generation at very low cost, and sometimes without any tax burden at all.

BUSINESS STRUCTURES

Incorporations

Individual tax rates in Canada are on a sliding scale where the middle and top-level personal tax rates are substantially higher than what you would pay under Incorporated business structures. We can review your tax situation and advise on the savings that would occur for your particular operation.
Partnerships

Family partnerships are another way to spread the income between spouses and children without having to incorporate. Every situation is different and we can advise on the best structure for your enterprise.
Joint Venture Farm Agreements

A Joint Venture can be set up with neighbours or different family members to pool resources. Examples of this are: finances, equipment, labour, insurance, crop returns, preferred loan rates, futures markets. This allows you to maximize the returns, minimize the insurance costs, and get the best benefits from having more flexibility. This pooling of resources allows for:
the ability to quickly get a crop off before a change in weather
ability to plant or harvest another crop

ACCOUNTING

Bookkeeping
Bookkeeping can be provided on any schedule that is required for your farm or business; monthly, quarterly, annually etc.
Production of financial statements for Income Tax purposes. Proper financial statements are banking requirements to support loans and lines of credit.
Payroll & GST/PST Filings
Payroll submissions on any schedule you require
GST and PST support and filing on monthly, quarterly and annual schedules
Net Worth Statements
In addition to financial statements which show your earnings, a net worth statement shows all of the assets and liabilities you have which support insurance claims as well as some lending requirements. When your records are done right you qualify for lower interest rates and also preferred insurance rates.

Welcome to Prairie Business Consultants, where passion meets expertise to serve the heart of Saskatchewan’s prairies. We specialize in providing top-tier farm services, business consulting, income tax preparation, business structuring, and accounting solutions tailored to your unique needs. Proudly serving Melfort, Tisdale, Nipawin, Hudson Bay, Wadena, Humboldt, and all the communities in between, our mission is to empower local businesses and families with personalized, professional support. We’re here to help you grow and succeed with care and dedication. Let’s build your future together and ‘Keep your hard-earned dollars in the West’!