GRANDE PRAIRIE, Alta. — Gareth Pugh has seen the good and the ugly sides of estate and will planning and prefers the good side — the planned. Not having a will may cause devastating consequences for farming families, but having an old will can cause just as many problems, said the lawyer specializing in estate […] Read more
After the Farm — page 2
Retired ranchers embrace lake life
Saskatchewan producers spent time finding a young couple to take over their operation when they were ready to retire
Brian Weedon did not want to sell his ranch and retire, but he now has more time to fish and rekindle old friendships. “My heart didn’t want to go. I didn’t want to leave the ranch and get out of the business, but my head said you better think about this economically,” said Weedon, who […] Read more
Retirement from farming leads to oil patch career
Lloyd Thompson kept busy for a few years building a new house, but then boredom set in, prompting him to find another job
Lloyd Thompson sold the ranch in 2011, but didn’t retire. Instead, the southern Saskatchewan rancher spent a couple years building a house along the Souris River and then decided he needed something more. “I woke up one day and decided I needed to do something. When you have been busy and active all your life […] Read more
Couple tried cottage life at the lake — and stayed put
The Walls at first found enjoyment renovating their lake-side ‘cabin’ and have since found a variety of ways to keep themselves busy and happy
Fred and Linda Wall found their piece of paradise in southern Saskatchewan. What they thought would be a relaxing cabin by water has turned into their home where they canoe, skate, fish, swim, hike, garden hunt and putter without leaving sight of their renovated home. On this morning, Fred went for a hike on the […] Read more
Retirement seminars forced online
Sask. financial planning company doesn’t think society will go back to a time when ‘everyone travelled for everything’
You shouldn’t let a good disaster go to waste, jokes Don Tofin. “With a good disaster there are always opportunities,” said Tofin, managing partner of The Retiring Farmer. When COVID-19 halted its in-person farm retirement and succession planning presentations and seminars, the Saskatchewan company moved online and gained followers from across Canada. Clients were happy […] Read more
Turning farmland into acreages can be risky
Subdividing a quarter section might be profitable but can also bring new neighbours who may object to commonly used farming practices
Splitting off acreages from a quarter section of land to help fund retirement may be financially appealing, but it also comes with risks, said a real estate agent from Camrose, Alta. The new acreage may bring $150,00 to $200,000, but the new neighbour may object to future activities on your land, especially livestock production, said […] Read more
Farmers eye farm transfer bill implementation
Parliament passed legislation earlier this year that will make it easier for producers to transfer farms to their children
A bill to smooth the transition and reduce taxes for the intergenerational transfer of farms received final approval in June, but farmers, farm leaders and tax accountants are still unsure what the final rules will look like. Bill C-208, introduced by Conservative MP Larry Maguire, was designed to allow family members the same tax treatment […] Read more
Cost of living key when calculating retirement expenses
Farm Credit Canada has noticed that more than half of its clients don’t know how much money they will need to retire
What may seem like a reluctance to retire and let the next generation step into the farm may sometimes be uncertainty of the unknown, said a retirement adviser. After talking to thousands of clients across the country, Patti Durand said she and her Farm Credit Canada colleagues have seen a trend emerge. More than half […] Read more
Weigh options when writing a will
Any person can be named as a beneficiary but there are obligations to spouses and financial dependents to consider
Planning a will is not something to take lightly, especially when deciding how to allocate assets. Many options must be weighed, like which child gets what and how assets and land should be divided, but for some testators who don’t have large families or children to give their assets to, what are some other options? […] Read more
Power of attorney provides peace of mind
People may reach a point in their life when they are unable to make important decisions. While this can be devastating, it is possible for people to choose who will make those decisions on their behalf before that time comes. Appointing a power of attorney ensures that someone trusted and knowledgeable is making decisions about […] Read more
