This is in accordance with an article we linked to above. That means producing enough for yourself, and to sell. The Financial Post article below breaks down the long term costs of moving to a hobby farm for retirement, and is an excellent read for what you should expect when planning your finances for such a venture:Īs the article above states, you may want to turn the hobby farm into something that can become taxable, or a tax deduction to account for losses. You can’t just go on vacation and expect your animals to feed themselves, no matter how wild you think they are! Farm animals are domesticated they need humans to survive. You need to also consider the costs of tractors, mowers, fencing, water consumption, upkeep, vet and health costs and perhaps hired hands to help you when you can’t devote your time to it. So you need to be aware of what it costs not just to buy land, animals and agricultural products. That said, when you start a hobby farm, there will be upfront costs that you may not recover as an ‘investment’ per se, such as when starting a commercial farm operation. But you shouldn’t expect it to meet all your nutritional needs or income requirements. You can sell food from a hobby farm, and you can eat your hobby farm food. They are mainly for enjoyment, your own benefit, and perhaps to serve some neighbourhood purpose. Know how much moving to a hobby farm in B.C. It also has info on leasing land to farm:Īnd, read the next article below about what you can deduct when you operate a farm, and under which circumstances: The following website also has a page devoted to farm assessments, including for specific products, like equestrian or medical marijuana farms.
Their case is important to learn how farms, or farms-to-be are classified and taxed in B.C., whether or not you’re not planning on starting a commercial enterprise: They were able to recover taxes as a result. Then, the article below explains the way one family had to fight for their farm status, proving the initial assessment wrong. Here is a document that defines this more: You’ll need to know when you are producing enough income from your farm that it could count as a commercial enterprise. A hobby farm is not meant for producing income, though it can. This is important because it can affect your taxes. Understand how the government classifies hobby farms in B.C.
Running a hobby farm how to#
How to move a compost when doing a short distance move.Fishing Licenses and Regulations When you Move to BC.Where to move for groundwater access in B.C.Even if you think you already have a green thumb, or a good understanding of animals, a hobby farm can entail more than the joy of organic food, rural life and part-time homesteading.īefore we get started on the things you should know about moving to a hobby farm, be sure to check out our following articles which can complement this topic:
However, there are things to know about moving to a hobby farm in B.C. is possible, since you can buy acres of land specific to the needs of farmers – even within Metro Vancouver. If you’re thinking of moving away from city life to a rural area in B.C., you may want to consider a hobby farm.
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