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FARM BUSINESS
FARM BUSINESS LINKS
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and Country | Farm Consultation Service | Farm Credit Corporation
OWFRP
The Ontario Whole Farm Relief Program is well on its way into its second year. The
application deadline is July 31, 2000. Please contact your service
provider as soon as possible to obtain a NISA Information Release and further information.
If you do not participate in NISA then you need to prepare information for your
fiscal years ending in 1994 to 1999 inclusive. For further information contact us as soon as possible.
NISA
Make sure you respond to your Deposit/Withdrawal Options Notice (DWON) before
December 31, 2000. Cheques mailed to NISA Administration will not be accepted and
will be returned to you. Therefore make sure that you make your deposit at the financial
institution holding your NISA Fund I account.
Toronto Dominion Bank (TD) is the new default NISA Fund I account deposit holder.
Interim NISA withdrawals are now available. Please contact us for further information.
Withdrawal triggers have been increased to $20,000 for individuals and $35,000 for
individuals with families and $20,000 per shareholder for corporations.
If you opted out of NISA the waiting period has been reduced from 3 years to 2 years.
Retail Sales Tax Rebate
The temporary rebate for retail sales tax paid on building materials purchased by farmers
is now a permanent program.
Intra- Family Debts
Financial difficulties or divorce have devastating effects by themselves.
But, compound that with the fact that improperly documented debt may not be considered
debt at all Therefore, it is very important to formally document the existence of
debt between family members. Security should also be taken in return for funds
loaned Proper documentation and security protect the family.
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