CPA Services in Strathmore, Alberta: Tax & Accounting East of Calgary

Accounting & Tax Services Serving Strathmore

Strathmore sits on the Trans-Canada Highway and acts as the service centre for Wheatland County. Grain, cattle, and irrigated crop operations anchor the local economy, and the town has added a steady population of commuters and home-based business owners alongside them. Farm tax, agricultural income reporting, and rural business accounting are areas where our team has direct experience.

A farm return does not behave like an ordinary small business return. Farmers may report on the cash basis instead of accrual, an inventory adjustment can change what a loss year actually looks like, and qualified farm property carries its own lifetime capital gains exemption limit. Where farming brings in secondary rather than primary income, the restricted farm loss rules cap what you deduct in the year. We work out which of these apply before the return is filed rather than after.

Succession questions arrive long before anyone retires. Farm property transferred to a child can roll over at cost instead of triggering a gain immediately, though the property has to meet the tests and the timing interacts with the exemption you may want to claim later. Operating loans and crop insurance paperwork also tend to call for compiled financial statements on a fixed schedule, which we prepare as part of the year end.

We work with Strathmore and Wheatland County clients by video call and secure document upload, so seeding and harvest do not have to bend around an office appointment. In-person meetings at our Calgary office stay available when a file calls for one.