Growing Your Farm Profits Planning for Business Success

Financial Management Resources

Successful farm business owners know that financial management is an important part of managing a business. Financial management of a farm business, in its most simple form, means using limited resources in a way that maximizes your return or profit. To do this well requires knowledge, skill and determining the information you need.

Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA)
Agricultural Information Contact Centre
Tel. 1-877-424-1300
www.ontario.ca/agbusiness

Financial Management – General

OMAFRA factsheet: Programs and Services for Ontario Farmers

The following is a summary of programs and services currently available to Ontario farmers that are funded by the Ontario and/or Canadian governments.

Farm Management Canada
Tel. 1-888-232-3262

Canadian Association of Farm Advisors
Tel. 1-877-474-2871

University of Guelph Office of Open Learning

Farm Credit Canada (FCC)
Agri Success Training Programs
Tel. 1-877-474-2871

Financial Performance, Cashflow, Profitability, Recordkeeping and Capital Investment

OMAFRA Factsheet 10-021: Diagnosing and Managing Cashflow Problems

While every business owner hopes their business will never have financial problems, in reality most experience financial pressure at some point in their existence. This factsheet is designed to help you diagnose a cash flow shortage and take some steps toward correcting it.

OMAFRA Factsheet 01-075: Budgeting Farm Machinery Costs

Farm machinery costs make up a significant part of the fixed and variable costs of any farm operation. This Factsheet provides a framework for calculating the total annual cost of farm machinery so that you can determine whether or not it makes economic sense for you to own a machine

OMAFRA Factsheet 08-055: Guide to Cost of Production Budgeting

Choosing what crops or livestock to produce is an essential decision of any farm business. This Factsheet outlines the process and use of Cost of Production budgeting for farm-level decision-making.

Ontario Farm Record Workbook - Publication 540

The Ontario Farm Accounting Workbook was developed in Excel format to help you in managing your farm business. It is designed to meet the farm business record keeping needs for commercial farms. It is simple, yet complete enough to provide details for tax purposes, for credit and for an analysis of your farm business. Version 5 was released in 2011.

Growing Forward - Business Development for Farm Businesses

University of Guelph

Business Management Principles

Other Resources

Farm Management Canada

  • Farm Financial Records (a guide to managing for success)
  • Farm Budget Database

Taxation

OMAFRA Factsheet: Taxation on the Sale of Farm Business Assets
This factsheet provides information to farmers who are considering the sale of their farming assets. It applies to sales to family members or strangers that occur at fair market value.

OMAFRA Factsheet: Taxation on the Transfer of Farm Business Assets to Family Members
This Factsheet deals with the tax implications of transferring farm assets to family members and the options to minimize tax that farm families have available to them.

Canada Revenue Agency
Tel. 1-800-959-5525

Ontario Ministry of Finance
Tel. 1-800-263-7965

Risk Management

AGRICORP
Tel. 1-888-247-4999

Agriculture and Agri-Food Canada

 


For more information:
Toll Free: 1-877-424-1300
E-mail: ag.info.omafra@ontario.ca
Author: John Molenhuis - Business Analysis & Cost of Production Specialist/OMAFRA
Creation Date: 09 January 2008
Last Reviewed: 20 April 2017