Red Deer Farm Accounting Service
Accounting for the way you run your farm Farming is unique. There are few other types of business that rely on living produce, whether it’s crops or livestock. That makes farm accounting more complex than other businesses when it comes to assets, liabilities, costs and revenue.
BOMCAS LTD Farm Accounting Services in Edmonton Provide services in Red Deer, Leduc, Camrose, Sherwood Park, Edmonton and across Alberta Farming Communities. Our Accountant specializes in Bookkeeping, Payroll for Corporate, Small and Medium size Business and Tax preparation and filing for Corporation, sole proprietorship and individual personal tax services. We serve clients throughout Sherwood Park, Edmonton, St Albert and surrounding areas across Edmonton. We provide Local and virtual accountants and accounting services to help clients in all possible way that is suitable for them.
Accounting for Farms and Agricultural Businesses
Outsourced accounting and bookkeeping
Cash basis accounting
Budgeting and cash flow management
Financial statement preparation
Farm income averaging
Tax preparation and strategic tax planning
Entity selection and business advisor services
QuickBooks training & support
Capital tax planning
Succession planning
Farming and Fishing Income
You may be operating a farming business, a fishing business, or both. If you run both a farming and a fishing business, farming and fishing income includes income earned from activities from either list below.
Farming income
Farming income includes income you earned from the following activities:
- soil tilling
- livestock raising or showing
- racehorse maintenance
- poultry raising
- dairy farming
- fur farming
- tree farming
- fruit growing
- beekeeping
- cultivating crops in water or hydroponics
- Christmas tree growing
- operating a chicken hatchery
- operating a feedlot
In certain circumstances, you may also earn farming income from:
- raising fish
- market gardening
- operating a nursery or greenhouse
- operating a maple sugar bush
Fishing income
Fishing income includes income you earned from the following activities:
- salt water fishing – boat owners with crewshares
- salt water fishing – boat owners without crewshares
- salt water fishing – sharesman
- freshwater fishing – boat owners with crewshares
- freshwater fishing – boat owners without crewshares
- freshwater fishing – sharesman
- animal aquaculture
- sale of fish, shellfish, crustaceans or other marine products
It also includes income from:
- grants
- credits
- rebates
- subsidies
- compensation for loss of fishing income or property
- other income