Webinar Series – Farm Business 101

Business numbers? Farm status? Taxes? Can’t I just grow food and be done with it? There is so much to consider when it comes to setting up a business. In this session, we’ll answer some commonly asked questions about all the behind-the-scenes paperwork and registration that needs to happen in order to properly set up your farm business. We’ll cover how to register your business and why it’s important, a review of the accounts you’ll need to create with different government agencies, how to choose a bank account for your farm business, hiring employees, and tax considerations for farmers.

For this session, we’ll be joined by Chris Bodnar:

Chris farms vegetables with his wife Paige in Abbotsford. Their business, Close to Home Organics, sells to wholesale buyers, through farmers markets and through a Community Shared Agriculture program at Glen Valley Organic Farm. He provides business coaching and development support to farmers as a consultant through the BC Agri-Business Planning Program and mentorship through the Young Agrarians Business Mentorship Program. He developed and teaches the Business of Agriculture course at Kwantlen Polytechnic University’s Sustainable Agriculture program and chairs the Board of Directors of Mount Lehman Credit Union. Particular interests include co-operative development in the agricultural sector.

Please watch the video below before the live Question and Answer session (Note that this video was initially part of the fourth module, which is why the title slide says “Webinar #4”)

Please register for the associated live Q&A on the BMN Overview lesson.

VIDEO

[vimeo 654302197 w=640 h=564]

RESOURCES

Setting Up & Registering A Business
Website – OneStop Business Registry (Government of BC)
Website – BC Small Business Support (Small Business BC)
Website – Setting Up Your Business (Government of Canada)
Website – Starting a Business (Government of BC)
Website – Nuans Name Search (Government of Canada)
Website – Business Permit & License Search Tool (BizPal)
Website – FarmerID Card (BC Agriculture Council)

Taxes
Website – Taxes (Government of Canada)
Document – Tax Loopholes for Farmers (Rossworn Henderson LLP)
Website – BC Farm Status (BC Assessment)
Article – Farm Tax Planning: The Basics (Farm Credit Canada)
Article – Bringing Personal Assets into your Business (Government of Canada)
Article – How to File Your Income Tax as a Sole Proprietor (Intuit)
Article – Claiming Start-Up Costs For a New Business (Intuit)
Document – T4002 Self-employed Farming Income (Government of Canada)
Document – T2042 Statement of Farming Activities (Government of Canada)
Website – Checklist for Small Businesses (Government of Canada)