Self-made wills are legal if every step is followed, but non-lawyers can create a multitude of problems for themselves
Death can be difficult and those left behind can face big decisions. That’s where planning a proper will can make things easier for loved ones. There is plenty of information online and plenty of resources available on will planning, but investing in professional help can make things easier and more secure, says James D. Steele, […] Read moreStories by Becky Zimmer
Interns get eye-opening experience
Regina couple fulfilled their dream by spending six months on a community-shared agricultural operation
The view on the dusty dirt road to the Ternier’s family farm near Cochin, Sask., overlooking the Murray Lake Bird Sanctuary, takes one’s breath away. The rising sun crests over rolling hills only to dip over the lake in the evenings. Noises from pelicans, chickens, pigs, and cattle fill the air along with the wild […] Read more
Budgeting for retirement starts with honesty
The first step is knowing what expenses a farmer has and taking a good look at how those expenses are likely to change
Retiring can mean big changes for any Canadian senior and there is work in financially preparing for the change. For Canadian farmers, an early start and an educated look at financial needs can mean more money in their pockets. Patti Durand, an agriculture transition specialist with Farm Credit Canada, works with retiring farmers. Many farmers […] Read moreFarm succession plans must be formalized
Power dynamics and possible abuse and addiction issues can complicate the decision of what to do with the family farm
The average Canadian farmer is 55 years old, says Statistics Canada, and the average is steadily increasing. Yet only 8.4 percent of family farms have a succession plan, according to Statistics Canada, which means more than 90 percent of farms are operating without a plan to transfer ownership in case of a family crisis or […] Read moreA love of farming can postpone retirement
Producers often have a deeper connection with their work than in other industries, which can keep them farming longer
According to Statistics Canada, the number of farms in Canada is dropping, the average size of the farm is increasing, and the average age of the farmer continues to rise. This means that while fewer people are farming, they are also taking on bigger operations and for longer. Older Canadians working longer is a common […] Read more
No need to rush into retirement
Pushing seniors out of jobs, especially out of a family oriented business like farming, is not considered good for anyone
Retiring is a big and often daunting decision for Canadian seniors. Whether financially, socially or mentally, how do Canadian seniors, especially farmers, know when it is time to take that big step? Farming is more than just a career, says Tyler Case, an assistant professor at the Edwards School of Business at the University of […] Read more
Sask. woman speaks out against illegal snares
Snare was placed too close to family’s farmyard, but president of provincial trapping association calls case an exception
It is a pet owner’s worst nightmare — a beloved pet not returning home. For Virginia Bells, that nightmare became a reality when her one-year-old St. Bernard, Gord, was not home to greet them on Dec. 18 at their farm near Humboldt, Sask. Gord was later found in an illegally placed snare near their yard. […] Read more
More later or less sooner
Life after retirement has never been more flexible for those planning their financial future, especially when it comes to receiving Old Age Security and Canada Pension Plan payments. Since 2013, anyone can defer their OAS and CPP payments to later dates and have more control over the look of their finances. For both programs, there […] Read more
Income deferral unique opportunity for farmers
Only five or six types of grain have been formally acknowledged as acceptable, but the list has been informally extended
It is an understatement to say that tax time is stressful. But farmers have a unique opportunity when it comes to claiming their farm income that can help lessen this stress. Compared to other industries, farmers report their income on a cash basis. According to BDO’s Tax Planning for Canadian Farmers, “farmers only have to […] Read moreCapital gains needs planning
There is big money in farmyards and cropland and half of farmers who are ready to retire are only able to access that value when they start liquidating their assets. When land and property are sold in Canada, it is subject to income tax based on the value it has accumulated, but Canadian farmers have […] Read more
