Greg Kirzinger

Stories by Greg Kirzinger

The lifetime capital gains exemption can provide potential tax savings at top tax brackets of more than $300,000 when selling farmland. | File photo
Farm Living

Farmland sales require special tax considerations

There are various tests that need to be met with respect to each parcel of farmland to receive special tax benefits

Farmland is a unique asset from an income tax perspective, given the ability to either transfer it to children without paying tax or sell it and potentially pay no tax by using the lifetime capital gains exemption (“LCGE”).
Using a succession plan, including an estate freeze instead of transferring the farming operation to children, can protect it. | Getty Images
Opinion

Advance planning plays key role in successful retirement

This article contains a cautionary tale about the Kash family, a fictional farming family that didn’t want to put any effort into planning for their retirement. Instead, they were aware of favourable tax rules that allow for transferring farm property to children on a tax-deferred rollover basis, and therefore their “plan” was to just give […] Read more
Upcoming changes to the capital gains inclusion rate will affect those who own land, buildings or equipment in a corporation. | File photo
Opinion

Feds present time sensitive challenges, new opportunities

When the 2024 federal budget was released in April, there were several notable proposed tax changes that will have direct implications on most Canadians. The first change relates to the capital gains inclusion rate. Since 2001, it has been 50 per cent, which means 50 per cent of a capital gain is tax free and […] Read more
The transition of the family farm to the next generation raises several considerations, and one of the most important is how to transfer the farm in the most tax efficient way for the parents who are transitioning out and the children who are taking over. | Getty Images
Opinion

Knowledge of capital gains rules vital for farm succession

Farm succession planning is complex. The transition of the family farm to the next generation raises several considerations, and one of the most important is how to transfer the farm in the most tax efficient way for the parents who are transitioning out and the children who are taking over. It’s important to consider Capital […] Read more
An older farmer kneels with a younger farmer in a field, a dog is nearby.
Opinion

Farmers should expect ownership succession rule changes

Succession planning options for farming corporations are set to change by the end of 2023. When business owners and farmers have an incorporated business, the ability to use the lifetime capital gains exemption on a sale to a third party or on a succession of the business to the next generation in the family provides […] Read more
There are certain tax rollover rules designed to facilitate transfer of land from parents to children to keep it in the family without being burdened by a tax bill. | Getty Images
Opinion

Farmland transfer to children requires advance planning

The importance of land to a farm, and a farming family, cannot be understated. There is a finite amount of land available and in many circumstances, land remains within a farming family through generations. There are certain tax rollover rules designed to facilitate transfer of land from parents to children to keep it in the […] Read more

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