Module 10: Managing Woodlot Finances
B) Income Tax and Estate Planning Guide

TABLE OF CONTENTS

Part 1: Lesson 1 - Introduction to Woodlot Tax Planning

• Business Income
• Capital Gains
• Business Losses
• Adventure in the nature of trade
• Payments based on production or use  
  

• Business Entities
• Proprietorship
• Corporation
• Choosing the right business entity
• Switching
• Nature of the Business
• Farmers and Tree Farmers
• Contractors and Loggers
• Special Farm Rules
  

• Record Keeping
• Receipts/Revenues
• Expenses
• Capital costs
• Recurring expenses
• Depletion
• Inventory
• Maintenance and operating costs
• Interest and taxes
  

Part 1: Lesson 4 - Miscellaneous Matters

• Investment Tax Credits
• Capital Gains
• Capital Gains Deduction
• Change-of-Use
• Government Grants
• Year End
• Income Splitting
• Clawback
  

• The Need for Estate Planning and The Estate Planning Process
• Setting Objectives
• Listing Assets
• Listing Liabilities
• Developing and Implementing the Plan
  

Part 2: Estate Planning Tools - Lesson 2: Estate Planning Tools

• Wills
• Trusts
• The Taxation of Capital Gains
• Dealing at Arm's Length
• Rollover Provisions in the Income Tax Act
• Spousal Rollovers
• Farm Property
• The Capital Gains Deduction
• Crystallization
• Estate Freezing
• Life Insurance

Part 2: Estate Planning - Lesson 3: Other Things to Consider When Planning Your Future

• The Need for Long-Term Care
• Donating Your Woodlot to Charity
• Probate Fees
• Power of Attorney
• Estate Taxes

Concluding Comments

Glossary

Appendix 1:

Appendix 2:

Appendix 3:

Appendix 4:

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