TABLE OF CONTENTS
Part One - Woodlot Income and Tax
Lesson 1: Woodlot and Income Classification-
Nature of Business
- Commercial vs. Non-Commercial Woodlot
- Reasonable expectation of profit
- Mixed-use woodlots
- Is my commercial woodlot a farm business?
- Contractors and Loggers
-
Business Income and Capital Gains
- Business Income
- Commercial
- Capital Gains
- Non-Commercial
- Adventure in the Nature of Trade
- Payments Based on Production or Use
- When is income reported?
- Who reports the income?
- Business Losses
-
Business Entities
- Proprietorship
- Partnership
- Corporation
- Choosing the right business entity
- Changing from one business structure to another
- Special Farm Rules
- Cash Basis Accounting
- Loss Carryovers
- Restricted Farm Losses
- Investment Tax Credits
- Tax Consequences of Investment Tax Credits Table
- Capital Gains/Succession
- Record Keeping
- Canada Revenue Agency requirements
- Receipts/Revenues
- Expenses
- Capital costs
- Capital Cost Allowance System Table
- Depletion
- Inventory
- Maintenance and operating costs
- Vehicles – what can I deduct?
- Interest and taxes
- Change-Of-Use
- Government Grants
- Year end
- Income Splitting
- Claw-Back, etc.
- Filing your taxes on time
Part Two: Estate Planning
Lesson 1: Introduction to Estate Planning
- The Need for Estate Planning
- The Estate Planning Team
- The Estate Planning Process
- Developing and Implementing the Plan
- Wills
- Trusts
- The Taxation of Capital Gains
- Dealing at Arm’s Length
- Spousal Rollovers
- Life Insurance
- General rule – sale at fair market value
- Farm Property Rollover to Children
- Capital Gains Exemption
- Crystallization
- Intergenerational Transfer New Regulations
- Estate freezing
- The Need for Long-term Care
- Donating Your Woodlot to Charity
- Gifts of Ecologically-Sensitive Land
- Probate Fees
- Power of Attorney
Concluding Comments
Glossary of Terms
Appendix 1 - Decision Tree for Nature of Business and Income
Appendix 2 - Loss Carryover Period
Appendix 3 - 2009 N.S. Marginal Tax Rates
Appendix 4 - Record Keeping System
Appendix 5 - End Notes Referred to in Text, Tax Guides,
Appendix 6 - Exercise