Is Peavey Mart closing stores? Rumours about farm goods retailer worry loyal customers
Customers of a national farm goods store are trying to figure out whether they will have to start looking for a new place to shop.
Peavey Mart, headquartered in Red Deer, Alta, had previously announced the closure of locations in Ontario and Nova Scotia as part of what it referred to in a news release as an "organizational restructuring."
It said closing some of its stores will help optimize its retail footprint by reallocating resources to markets with stronger performance while addressing underperforming locations.
However, that post has since disappeared from its website and individual store managers in other parts of the country have shared information indicating that they, too, will be shut down, leading to speculation that the entire retail chain could be going under.
Searches for "Peavey Mart closing" are trending across Canada, according to Google's online dashboard and local Facebook and Reddit groups in Western Canada are full of discussion and speculation about the store's future, though additional closures have not been officially confirmed.
CBC News has contacted the company for clarification but has not heard back.The company, which markets itself as a "farm and ranch" retailer, traces its history back to 1967 when it was known as National Farmway. Its first retail location was in Dawson Creek, B.C., and over the decades, it spread across the country.
Though it was briefly owned by the Peavey Company of Minneapolis, it returned to Canadian ownership in 1984 and, it says it is "100 per cent Canadian-owned and operated."
Fans of the chain say it provides a service for people in rural communities not found in other big box retailers by selling goods such as farm equipment and horse feed.
"It was a place you could go and readily get some stuff you need quickly," Crispin Colvin, an area director of the Ontario Federation of Agriculture, told CBC News last week after the announcement of closures in that province.
"They're really a handy store. It's unfortunate because now people will have to drive farther to get things, which adds to the cost."
The Peavey Mart location on Hyde Park Road in London, Ont., is one of 24 locations the store is planning to close by April. Rumours that the retailer will be closing all its locations have not been confirmed by CBC News. (Andrew Lupton/CBC News)
Colvin said while online retailing has changed the farm supply market, he and many other farmers like to see merchandise in person before they buy.
"Whether it's a bag of feed or whatever, I prefer to go in and have a look to see what the options are," he said. "Online gives you a picture, but there's a lot to be said for going into the store and seeing the product."
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Time Business News
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Navigating Homeownership in Texas: A Canadian Expat's Comprehensive Guide to Tax Complexities in The Woodlands
Introduction: When Opportunity Crosses the Border Your employer in Ottawa calls you into a Monday‐morning meeting and announces a career-altering transfer to The Woodlands, Texas. The upside is clear: world-class master-planned communities, towering pines, and proximity to Houston's booming business ecosystem. Yet with that same offer letter comes the practical question: should you buy a home in Texas, and what does that mean for your tax life on both sides of the border? Canadian citizens relocating for work quickly discover that cross-border real estate is less about granite countertops and more about treaty articles, withholding rules, and competing definitions of 'principal residence.' In this deep-dive, we unpack the layered tax rules triggered when a Canadian purchases—then eventually sells—a Texas property. We also show how partnering with a cross-border financial advisor skilled in cross-border tax planning and holistic Canada U.S. Financial Planning can turn potential minefields into manageable stepping-stones. 1. Profile of Our Relocated Canadian Meet Daniel, a 38-year-old software architect from Ottawa who will spend the next three to five years heading his company's U.S. product division. He moves with a spousal work permit, two school-aged children, and an eye toward laying down roots in The Woodlands. His goals: Purchase a family home within six months. Keep ties to his Canadian RRSP and corporate pension. Minimize cross-border tax friction during ownership and upon eventual sale. Avoid shocking surprises if he returns to Canada or remains in the U.S. long-term. Daniel's situation is typical of thousands of Canadian professionals sent south every year. The decisions he makes in the first twelve months will shape his tax exposure for a decade. 2. Why The Woodlands Appeals to Canadian Expats Before diving into taxes, it helps to grasp why The Woodlands is a magnet: No state income tax. Texas's lack of state tax is attractive, but the savings can blind newcomers to other levies—especially robust property taxes and potential federal implications. Texas's lack of state tax is attractive, but the savings can blind newcomers to other levies—especially robust property taxes and potential federal implications. Corporate campuses and energy corridor access. Many Canadian energy and tech companies maintain Houston-area offices. Many Canadian energy and tech companies maintain Houston-area offices. Lifestyle parity. Top-ranked schools, extensive green spaces, and family-friendly suburbs echo the comforts of Canadian metropolitan life. Yet each perk comes bundled with unique tax nuances that differ sharply from Ontario, Alberta, or British Columbia norms. 3. The Cross-Border Tax Landscape—Setting the Table 3.1 Dual-Tax Residency Tension Upon arrival, Daniel could be considered a resident of both Canada and the United States. Canada taxes worldwide income based on residency, while the U.S. taxes based on citizenship or substantial presence. Because Daniel is neither a USC nor a green-card holder, his U.S. residency hinges on the Substantial Presence Test (SPT). If he spends 183 weighted days or more during a calendar year—or elects residency under IRC §7701(b)(4)—he becomes a U.S. resident for federal tax purposes. Implication: Owning a Texas home can strengthen U.S. residency ties, but the Canada-U.S. Tax Treaty's tiebreaker rules may still assign him to one country. Understanding that interplay is critical before signing a purchase contract. 3.2 Capital vs. Ordinary Income Canada and the U.S. both treat real-property gains as capital in nature, but depreciation rules, currency fluctuation reporting, and the principal-residence exemption differ dramatically. 3.3 Withholding Regimes (FIRPTA) When foreign persons sell U.S. real estate, the Foreign Investment in Real Property Tax Act (FIRPTA) generally requires buyers to withhold 15 percent of the gross selling price. Daniel might recoup a portion upon filing his U.S. return, but cash-flow pain is real unless planning steps are taken before listing. 4. Buying a Home in Texas—Step-by-Step Tax Concerns 4.1 Financing: U.S. Mortgage vs. Canadian HELOC U.S. Mortgage: Generally easier for local underwriters to evaluate, but Daniel must build two‐year U.S. credit history or rely on cross-border lender programs that accept Canadian credit reports. Generally easier for local underwriters to evaluate, but Daniel must build two‐year U.S. credit history or rely on cross-border lender programs that accept Canadian credit reports. Canadian HELOC (Home Equity Line of Credit): Tapping equity in an Ottawa property introduces exchange-rate exposure and potential thin-capitalization issues if the HELOC is later converted to U.S. denominated debt. Pro Tip: Some Canadians structure purchases through cross-border lenders who report mortgage interest to the IRS on Form 1098, simplifying deductibility claims on a U.S. Schedule A. 4.2 Down-Payment Sourcing Large CAD-to-USD transfers trigger FINTRAC and U.S. anti-money-laundering forms. Banks may request Form 3520/3520-A filings if funds flow through Canadian trusts or corporate entities. Missteps can incur $10,000+ penalties, making early consultation with a cross-border financial advisor essential. 4.3 Texas Property Taxes & Homestead Exemption Texas eschews state income tax and instead funds schools and counties via property taxation. New arrivals often gasp at effective rates of 2–3 percent of appraised value. Claiming a homestead exemption can lower this burden, but Daniel must establish Texas residency (driver's license, voter registration) while ensuring he does not inadvertently sever Canadian ties too soon. 5. Canadian Tax Treatment During Ownership 5.1 Principal Residence Exemption (PRE) Limitation If Daniel keeps his Ottawa condo and designates it his Canadian principal residence, the Texas property accumulates non-resident capital-gain tax in Canada. Conversely, electing the Texas house as his PRE may jeopardize Ottawa gains. The formula is: Exempt years=years designated as principal residence+1years owned\text{Exempt years} = \frac{\text{years designated as principal residence} + 1}{\text{years owned}}Exempt years=years ownedyears designated as principal residence+1 5.2 Foreign Tax Credit (FTC) and Double Tax Relief When Daniel files his T1 return, gains from U.S. real estate remain taxable in Canada absent PRE coverage. However, he may claim a foreign tax credit for U.S. taxes paid, limited to the lesser of actual U.S. tax or Canadian tax on the same income. Coordinating the timing of sale to maximize FTCs—while avoiding Alternative Minimum Tax (AMT) intricacies—is a classic value-add from cross-border tax planning . 5.3 Foreign Reporting (T1135) The Texas home, as foreign real property, must be reported annually if cost exceeds CAD $100,000. Failure to file T1135 triggers penalties averaging CAD $2,500 per year, plus potential gross-negligence fines. 6. U.S. Federal Tax Treatment During Ownership 6.1 Mortgage Interest & SALT Deduction Limits Post-Tax Cuts and Jobs Act, SALT (state and local tax) deductions are capped at USD $10,000. Property taxes alone in The Woodlands can hit that ceiling. Mortgage interest on up to USD $750,000 of acquisition debt is deductible if Daniel itemizes. Strategic loan sizing and thoughtful prepayments can maximize after-tax benefits. 6.2 Depreciation vs. Canadian Capital Cost Allowance (CCA) U.S. rules allow 27.5-year straight-line residential depreciation, generating annual losses that may offset rental income if Daniel converts the home to a rental later. In Canada, claiming CCA on foreign rental property forfeits PRE for that year and complicates recapture. Proper ledger separation is crucial. 6.3 Passive Activity Loss (PAL) Limitations If Daniel's adjusted gross income exceeds USD $150,000, passive losses may be suspended. A future sale can unlock those suspended losses, reducing taxable gain—a nuance often missed without sophisticated Canada U.S. Financial Planning . 7. Currency Considerations—The Hidden Tax 7.1 Foreign Exchange on Purchase Buying at CAD $1 = USD $0.72 and selling at parity can inflate capital gains when measured in Canadian dollars. Both CRA and IRS require reporting in domestic currency. Daniel should maintain contemporaneous FX records, ideally automated through multi-currency software recommended by his cross-border financial advisor . 7.2 Mortgage Currency Mismatch If Daniel borrows in USD but earns in CAD, each mortgage payment involves a deemed FX disposition. Over years, small unrealized currency gains can snowball into taxable events in Canada. 8. Selling the Texas Home—Major Minefields 8.1 FIRPTA Withholding Mechanics Unless Daniel becomes a U.S. green-card holder, the buyer must withhold 15 percent of gross proceeds (not net gain). Exceptions: Sale price under USD $300,000 and buyer intends to occupy. IRS withholding certificate obtained pre-closing by projecting actual tax liability. Applying for a certificate demands credible cost-basis documentation—closing statements, renovation invoices, depreciation schedules—meticulously curated during ownership. 8.2 Section 121 Exclusion (U.S. Principal Residence) If Daniel (and spouse) live in the home for at least two of the five years preceding sale, they may exclude up to USD $500,000 of gain. But watch: Nonresident aliens cannot claim §121; Daniel must be a U.S. tax resident in year of sale. Depreciation recapture from rental years is taxable at 25 percent. 8.3 Canadian Capital-Gain Inclusion Canada taxes 50 percent of the capital gain, converted to CAD at settlement date FX. If Daniel already used his PRE on the Ottawa condo, the Texas gain is fully taxable in Canada. However, U.S. federal (and potential FIRPTA) tax becomes a foreign tax credit, mitigating double taxation. 9. Estate Tax, Probate, and Gifting 9.1 U.S. Estate Tax Exposure Non-U.S. persons owning U.S. situs assets above USD $60,000 face U.S. estate tax. Treaty formulas prorate Daniel's exposure based on his worldwide estate relative to the U.S. unified credit. Titling the home in a Canadian corporation or cross-border trust can shield estate tax but may sacrifice preferential rates on capital gains. 9.2 Texas Probate Texas probate is relatively streamlined, yet any foreign executor will need an in-state attorney ad litem. A revocable living trust or enhanced transfer on death (TOD) deed can avoid probate delays. 9.3 Gifting the Property to Children A well-intentioned gift could trigger FIRPTA, U.S. gift tax (if donor or donee is U.S. resident), and Canadian deemed disposition. A coordinated gift-splitting strategy under treaty Article XXIX B may alleviate double levies. 10. How a Cross-Border Financial Advisor Adds Value 10.1 Pre-Arrival Blueprint Residency Modeling: Simulate days in U.S. vs. Canada under multiple scenarios to determine treaty residency and tax domicile. Simulate days in U.S. vs. Canada under multiple scenarios to determine treaty residency and tax domicile. Financing Structure: Compare cross-border mortgage programs, evaluate CAD-indexed lines of credit, and optimize deductible interest alignment with personal cash flows. 10.2 Ownership Phase Management Recordkeeping Automation: Tools for dual-currency ledgers, T1135 reminders, U.S. FBAR reporting, and depreciation tracking. Tools for dual-currency ledgers, T1135 reminders, U.S. FBAR reporting, and depreciation tracking. Proactive SALT Optimization: Balancing property-tax prepayments with SALT cap, charitable bunching, and Roth vs. TFSA contribution timing. 10.3 Exit and Re-entry Strategy FIRPTA Certificate Applications: Coordinate appraisals, gather cost basis evidence, and file Form 8288-B to reduce withholding at closing. Coordinate appraisals, gather cost basis evidence, and file Form 8288-B to reduce withholding at closing. Gain Harvesting vs. Deferral: Weigh selling during low-income sabbaticals or before anticipated CAD appreciation. Weigh selling during low-income sabbaticals or before anticipated CAD appreciation. Repatriation Planning: If returning to Canada, merge proceeds into RRSP top-ups, RESP funding, or principal-protected notes to hedge FX risk. 10.4 Integrated Canada U.S. Financial Planning Across these stages, advisors combine treaty literacy with investment management, insurance structuring, and estate design—creating a unified roadmap. Without such guidance, homeowners may overpay taxes, misfile forms, or miss filing windows that close after 15 June (CRA) or 15 April (IRS). 11. Case Study: Daniel's Tailored Outcome With his cross-border financial advisor , Daniel: Secured a USD $600,000 mortgage through a lender accepting Canadian credit, ensuring Form 1098 issuance. Claimed Texas homestead exemption while preserving Ottawa condo as Canadian PRE under treaty tie-breaker year one; year two he cut Canadian ties and became U.S. resident, unlocking §121 eligibility. Automated FX logs via multi-currency bookkeeping to track CAD cost basis. Initiated a revocable trust holding title, minimizing probate and segmenting estate-tax exposure. Filed Form 8288-B at listing; buyer withheld only estimated tax, freeing cash for a down payment on a new Houston suburb upgrade. Leveraged foreign tax credits to eliminate Canadian tax after Ottawa condo sale, resulting in combined capital-gain tax below 10 percent. Net savings over a five-year horizon: USD $140,000 compared with do-it-yourself compliance, plus immeasurable peace of mind. 12. Practical Checklist for Would-Be Buyers Phase Action Item Advisor Touchpoint Pre-Purchase Model residency days; apply CRA Form NR73 if needed Residency calibration Obtain pre-approval from cross-border lender Mortgage structuring Closing Draft statement of adjustments capturing currency rates Cost-basis tracking Ensure title insurance recognizes foreign status Legal coordination Ownership File T1135 annually; claim U.S. deductions Ongoing compliance Review property-tax assessments; protest if inflated SALT optimization Disposition Request FIRPTA certificate 90+ days pre-close Withholding mitigation Allocate suspended passive losses; time sale for low-bracket year Exit strategy 13. Beyond Taxes: Lifestyle & Risk Considerations Healthcare Coverage: Provincial health coverage may lapse after 182–212 days abroad; supplemental U.S. plans must coordinate with travel back to Canada. Provincial health coverage may lapse after 182–212 days abroad; supplemental U.S. plans must coordinate with travel back to Canada. Insurance Gaps: Texas homeowner policies exclude windstorm and flood; cross-border advisors coordinate umbrella liability with excess personal‐liability riders valid in both countries. Texas homeowner policies exclude windstorm and flood; cross-border advisors coordinate umbrella liability with excess personal‐liability riders valid in both countries. Education Savings: RESP contributions may be penalized under U.S. PFIC rules—alternatives include 529 plans or brokerage accounts, harmonized via global asset-allocation overlays. 14. Frequently Overlooked Pitfalls Treaty Elections Filed Late: Missing the Article IV tiebreaker statement or §216 election for rental income can double-tax first-year rent. Ignored Departure Tax: If cutting Canadian residency, deemed disposition on worldwide assets—including pensions—may trump property concerns. State-Level Surprises Outside Texas: Future job moves to states with income tax (e.g., California) alter deductibility and estate planning frameworks. Canadian 'Foreign Buyer' Taxes: Provinces like British Columbia impose speculation taxes on homes left vacant; returning expatriates may unwittingly owe if they keep Canadian real estate. Conclusion: Transform Minefields into Milestones Real estate has long stood as a symbol of stability and personal success. For Canadians dispatched to The Woodlands, however, the purchase of a dream home doubles as an intricate cross-border tax project. Navigating dual-residency rules, withholding regimes, depreciation traps, and currency swings requires more than guesswork—it demands specialized expertise. A seasoned cross-border financial advisor integrates legal, tax, and cash-flow insights into one cohesive playbook. Through proactive cross-border tax planning and comprehensive Canada U.S. Financial Planning , homeowners like Daniel not only avoid pitfalls but also leverage treaty advantages, maximize cash retention, and secure generational wealth across two nations. In the end, the key lesson is simple: treat your relocation home not just as a roof over your head, but as an asset that spans two tax jurisdictions. With the right guidance, you can enjoy Texan sunshine, Houston career growth, and Canadian financial peace of mind—without getting scorched by unexpected tax rays along the way. TIME BUSINESS NEWS
New York Post
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