Families looking to transfer their business to the next generation should contact  their tax advisers to get more information on how these new rules might work in their situation. | Getty Images

Transferring the farm to the kids now has new tax rules

Business owners often look to sell their businesses when they retire. With farming, the new business owners are often one or more children. This has historically been a problem from a tax perspective. If the parents operate their business through a corporation, the sale of the business will usually proceed by selling the assets of […] Read more

Whenever a person transfers capital property to someone with whom they are related, the act deems that transfer to occur at fair market value, regardless of the actual sale price. A similar rule states that whenever a person dies, that person is deemed to have disposed of all capital property at fair market value. | Getty Images

Transferring the farm to the kids is tax free – or not

Many farmers know there are “tax rollover” rules in the Income Tax Act that allow their farmland and shares in their farming corporation to be transferred to their children without tax. However, these rules have many conditions that can catch people by surprise. First, some background. Property that can create a capital gain or loss […] Read more