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Tax Management

Tax impacts should be considered whenever farm businesses are making major decisions – particularly if they involve the sale or transfer of farm assets.  These situations can be complex and often warrant the advice of legal and accounting professionals.

 

Alternative Minimum Tax can be a factor when taxable capital gains are reported, when certain tax credits or losses are claimed and in other situations involving the farm business. This brochure explains when this tax is most likely to come into play, how it is calculated and how it may affect estate planning.

Capital Gains and Losses can have a significant impact on the income tax paid when farm assets are being sold or transferred. This booklet defines capital gains and losses, and explains how they are calculated.

 

Successfully managing and planning your business success starts with you. Contact your local Manitoba Agriculture GO Office for the support, advice and resources you need to make sound decisions for the continued success of your farm business.  If you have questions, email us and a farm management specialist will contact you.


Resources

 

The Retail Sales Tax Act
The Retail Sales Tax (RST) is a tax applied to the retail sale or rental of most goods and certain services in Manitoba. The tax is calculated on the selling price, before the GST (Good and Services Tax) is applied.
Application for Tax Refund – Purchases for Farm Use
• Claims must be filed with our office within TWO YEARS of the purchase date.
• Amounts under $10 not refundable.
 
Summary of Taxable and Exempt Goods and Services
This bulletin will help you apply and collect the Retail Sales Tax (RST) on goods (tangible personal property -TPP) and services. While a summary of both taxable and exempt goods and services is provided for your reference, the focus of this bulletin is on the types of goods that are exempt and the types of services that are taxable under the Act. A summary of tax refunds and rebates available under the Act is also provided.
 
Farm-use Equipment and Other Items
This bulletin outlines the Retail Sales Tax exemptions allowed on farm implements and machinery, repair parts for such farm implements and machinery, and other items used “principally for farming”.
 
Granaries and Farm Storage Buildings
This bulletin will help farmers understand the Retail Sales Tax (RST) exemption provision for granaries, and the tax refunding provision respecting certain farm storage buildings (or qualifying materials to construct them).
 
Sales to Beekeepers
This bulletin outlines the Retail Sales Tax (RST) exemptions on farm implements, machinery and other items used “principally for farming” that are purchased by persons engaged in beekeeping.

Tax Planning Strategies For Year End
 


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