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.