If you carry on-farm business and have significant income, transferring the farm business to a corporation may benefit as tax planning opportunities become available to you by simply incorporating. You become the shareholder and employee of a separate taxable entity by transferring your alberta farm business to a corporation.
Incorporating the family farm requires consultation with professional advisors as the rules are highly technical and complex. In addition, each individual's situation will be unique in many respects requiring the expertise of a professional. Your Bilyk Financial Investment Advisor can help you identify your needs and refer you to the appropriate Alberta professional(s) for further assistance.
This page may contain several strategies, not all of which will apply to your particular financial circumstances. The information on this page is not intended to provide legal, tax, or insurance advice. To ensure that your circumstances have been adequately considered and that action is taken based on the latest information available, you should obtain professional advice from a qualified tax, legal, insurance, and financial advisor before acting on any of the information on this site.
Contact your Alberta Bilyk Financial advisor for more information.
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