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
Northern Ontario Regional Office toll free 1-800-461-6132
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.

Canadian Farm Business Management Council
Tel. 1-888-232-3262
www.farmcentre.com

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

University of Guelph Continuing Education
www.uoguelph.ca

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

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.

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
www.omafra.gov.on.ca/english/busdev/download/wkbk_ontfarm.htm

Canadian Farm Business Advisory Services
Tel. 1-866-452-5558
www.agr.gc.ca/renewal

University of Guelph

Business Management Principles

Other Resources

Canadian Farm Business Management Council
www.farmcentre.com

• Farm Financial Records (a guide to managing for success)
• Building Effective Farm Management Systems

Agribusiness eCampus
www.agribusinessecampus.com

Taxation

OMAFRA Farm Tax and Business Seminar
This annual seminar is an excellent opportunity to update your knowledge of tax, business and legal matters related to agriculture and farm business activities.

OMAFRA Factsheet 08-047: 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 09-015: 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
www.cra-arc.gc.ca

Ontario Ministry of Revenue
Tel. 1-800-263-7965
www.rev.gov.on.ca

Risk Management

OMAFRA Factsheet 00-041: Farm Business Insurance
This Factsheet outlines the types of insurance available and provides a guide to help you work with your insurance agent, broker or company to determine whether you have the necessary insurance to protect your business.

AGRICORP
Tel. 1-888-247-4999
www.agricorp.com

Agriculture and Agri-Food Canada
www.agr.gc.ca/brm

• Business Risk Management
• Managing Market Risk (online course)

George Morris Centre
www.georgemorris.org

• Introduction to Commodity Risk Management Using Futures and Options

Canadian Farm Business Management Council
www.farmcentre.com

• Managing Market Risk

The following OMAFRA staff contributed to the development of the Growing Your Farm Profits Financial Management section:

Rob Gamble
Finance and Business Structures
rob.gamble@ontario.ca

John Molenhuis
Business Analysis and Cost of Production
john.molenhuis@ontario.ca

www.ontario.ca/agbusiness