What Industries are Impacted from the Drought?

The one thing you can do through all the craziness that is lately, and it’s really important, is to see your professional tax advisor early rather than later.

Because this has been unusual year there's some serious planning that has to be done especially if you have losses. There could be some banking issues or some refinancing issues. You need to be more proactive than in the past.

There are also some opportunities here. If cash flow allows it, you can use some good tax planning to prepare for the future because if the future is going to be bigger and brighter and if tax rates are going to go up in the future, then this may be the year to do some serious planning for the next two or three years down the road. I think it's important to spend more time to get more prepared for 2021 before the year is over.

We're very fortunate because the farming community as a big big responsibility and they've come through again! We're very fortunate to have people like that!

I look forward to next week when I'll be talking about Something Else!

Fred Mertz
Fred@thevoiceofagriculture.ca