The regret will come when he has to pay a lot more for the new ATV and Sled, when he already had both that he was using.
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I do plan to get new toys, but farm specific toys. Roto Tiller, small Kubota tractor with backhoe and bucket, or a farm tractor. Possible a Gator. The move is dependant upon Daughter finishing high school, or getting certified to drive by herself. We want out of the city on minimum 10 acres to qualify for Hobby Farm status.
FYI, you do not want to call it a Hobby Farm, you want to call it a Farm or a Small Farm, Hobby Farms are considered as expected loses by CRA as you are not expecting to make money, I was warned against calling it a Hobby Farm. Also, there is no requirement for acreage to be considered a farm, out our way you just need to be zoned Rural or Agricultural to be able to have farm animals, different municipalities are different though. For property tax purposes you need to prove that your land is being used as a farm, they will take a portion of the property and keep it as residential (I think normally 1 acre) and the rest can be considered a farm for tax purposes if it is being farmed. For CRA purposes they do not care if you have 0.1 acre or 100,000 acres, the income off the farm is farm income, there is a specific form for that when you do your taxes. If that is your only income then you can claim all of your expenses, if it is a partial income then there is a formula that takes that into account. Ask me how I know :D
Any time you want to chat small farm just give me a shout, getting lambs soon to be ready in the fall, a couple goats as well and the rest of the place is continuing as normal. Take care
Having some property is real nice - you always have something to do and don't have to go anywhere to be entertained - I always plant a large garden each year - have about 20 fruit trees - real big blueberry patch - cut around 5 or 6 cords of firewood each year - have some chickens - at one time had 7 hives of bees - I'm always doing something - really love where I live - I can hunt deer right on my property and usually get one or two each year - I butcher these myself - if I lived in town some place I'd go nuts - love being busy and doing things -
Great Advice, and thank you. I am learning the in/out of the by-laws, designations and zoning required to operate a farm operation. That being said, we have no intent to sell anything (commercial), it would be more along the lines to ensure we can have animals and meet basic land size requirements.
I plan on leaning on your advice, at least to keep me thinking straight...Will you be my mentor...lol
The first thing I would say, before you start looking call the municipalities you are considering and make sure you know what the zoning laws are. Montegue township near Smiths Falls requires 5 acres independent of the house to have any livestock, including a single chicken, so 6 acres to have a chicken. North Grenville you just have to be zoned rural or agricultural.
Make sure the animals you want are not too cute or your wife and daughter will keep you from eating them, ha ha ha.
Chickens and Goats...will not be eaten...I have been given the decree...dog food.