September 27, 2001
Canadian fish harvesters now have an easy-to-read reference book to help them get the best deal on their taxes thanks to the Canadian Council of Professional Fish Harvesters.
The Council, the national federation of commercial fish harvester organisations, published the attractive 40-page booklet, entitled Know your Rights, to help fishermen better understand Canada’s tax system.
The booklet discusses the practical pros and cons of three different types of business arrangements for fish harvesters - Sole proprietor, Partnership and Corporation-, provides tips on how to go about choosing an accountant and how to record and calculate fishing income and expenses.
“There are probably lots of fishermen who end up paying more in taxes than they should simply because they don’t have the proper information”, Council President Earle McCurdy says. “The tax booklet is designed to help these fishermen get the most out of their fishing income by planning their taxes carefully.”
“For example, without planning, an income of $50,000 in many fishing provinces could lead to a tax bill of $19,700. This is a lot of money. Before investing that kind of cash in a new truck a fisherman would shop around to get the best deal possible. The Council’s tax booklet is about helping fishermen get the best deal on their taxes”, McCurdy said.
Know your rights was prepared for the Canadian Council of Professional Fish Harvesters by the Enterprise Development Centre of Saint Francis Xavier University with funding from Human Resource Development Canada (HRDC). It is part of a series called Managing the Owner-Operator Fishing Business. A second volume on Retirement planning and a third on Planning the Fishing Enterprise will also be published in 2001.
Copies of the booklet Fish Harvesters and Taxation: Know your Rights are available through the Council and its member organizations.
The members of the Council are: L’Alliance des pêcheurs professionnels du Québec (APPQ), l'Association des pêcheurs professionnels membres d'équipage (APPME), the Area G Trollers Association of BC, the Bay of Fundy Inshore Fishermen's Association (BFIFA), the Fédération régionale acadienne des pêcheurs professionnels (FRAPP), the Fédération des pêcheurs semi-hauturiers du Québec (FPSQ), the Fish Food and Allied Workers Union of Newfoundland (FFAW-CAW), the Gulf Nova Scotia Fleet Planning Board (GNSFPB), the Lake Manitoba Commercial Fishermen's Association (LMCFA), the Maritime Fishermen’s Union (MFU), the Native Brotherhood of British Columbia (NBBC), the Pacific Gillnetters Association (PGA), the PEI Fishermen’s Association (PEIFA), and the United Fishermen and Allied Workers Union of British Columbia (UFAWU-CAW).
You can see the media release in its original format here.