Cattle farmers to discuss prices, taxation audits
Neighbouring beef organizations have partnered to host information sessions on issues affecting cattlemen.
Peterborough Country Cattlemen, Northumberland Cattlemen and Victoria Beef Farmers are holding events on Nov. 23 and 30.
During the meetings, experts will be discussing recent variations in cattle prices and taxation audits.
Grant Bennett is a director of Peterborough Country Cattlemen, which has about 550 members.
He said there’ve been large fluctuations in cattle prices over the last two years, leaving farmers wondering what’s causing market instability.
Steve Duff, chief economist for the Ministry of Agriculture, Food and Rural Affairs, will explain how cattle prices are set and what the factors are.
“He’s trying to take some of the mystery out of why prices change and what we can do about it,” Bennett said.
Duff was raised on a cattle farm in Northumberland County and still operates a beef and cash crop farm there today.
The proposed income tax changes and increase in funding for Canada Revenue Agency (CRA) audits are also of concern to farmers, Bennett said.
Thomas Ferguson and Aaron Fecht, advisor with Farm Business Consultants, will discuss the triggers on tax returns that will garner the CRA’s attention.
Don’t Bet the Farm: Tips for Avoiding and Surviving a CRA Audit is meant help farmers navigate tax returns.
“You can quite innocently put something down on your tax return that’s true, but it may not be the best category to put it in,” Bennett said.
With slim margins in the beef business, Bennett said it’s pricy for farmers to hire professional help to get through an audit.
The meeting on Nov. 23 takes place in Omemee at Coronation Hall on King St.
On Nov. 30, it’s in Norwood at the Asphodel-Norwood Community Centre in the Millennium Room.
Meetings start at 5:30 p.m. with a light dinner, followed by the guest speakers at 6 p.m. Both topics will be covered at each session.
NOTE: Anyone interested in attending should RSVP to Dave Denure at daveyd@xplornet.com or 705-653-3660, Jason McIntosh at freshfrozenbeef@nexicom.net or 705-743-5259, or Jerry Bryans at jerry.bryans@royallepage.ca or 705-8799986.