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SERVICES - Prairie Business Consultants
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Prairie Business Consultants Inc.

Phone # (306) 920-0704

INCOME TAX SERVICES

  1. 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.
  2. 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.
  3. 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.

ACCOUNTING / BOOKKEEPING

  1. 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.
  2. Payroll & GST/PST Filings
    • Payroll submissions on any schedule you require
    • GST and PST support and filing on monthly, quarterly and annual schedules
  3. 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.

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 businessperson 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 STRUCTURES

  1. 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.
  2. 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.
  3. 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

BUSINESS CONSULTING

  1. 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.
  2. 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.
  3. 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.