Taxes are an important element of estate planning. When it comes to taxes farmers do get some breaks, from both federal and provincial governments, says David Metzger, senior principal at KPMG in Abbotsford, B.C. However, he adds that producers must be aware of certain rules regarding eligibility for those breaks. Some taxes vary between provinces. […] Read more
Stories by Shirley Byers
How to survive the big split
Although about 40 percent of Canadian marriages end in divorce, no one goes into marriage planning for that particular plot twist. Nobody wakes up one morning and says, “It’s Tuesday; I think I’ll get a divorce.” Nevertheless, divorce happens. It will have an emotional and financial impact and, if you’re a farmer, it will include […] Read more
You can’t take it with you — but do you know how much you’ll need while you’re here?
According to JPMorgan Asset Management’s 2016 Guide to Retirement, someone age 40 with an annual household income of $100,000 should have 2.6 times that amount put away for retirement, and by age 60, that multiple should be 7.3. Fidelity Investments calculate that at age 30, investors should have the equivalent of a year’s income stashed […] Read more
Farmers learn to embrace new careers after retirement
A few decades ago, the word “retire” meant to go away, to retreat or withdraw as in battle, or simply to go to bed, as in: “It’s been a long day and I’m exhausted. I think I’ll retire.” This is retirement as we know it today: “The action or fact of leaving one’s job and […] Read more
Retired and living at the lake
Many people dream of retiring to the cottage, making it their principal residence. Articles on several seniors’ websites warn of the risks of this action. Some concerns raised are accessibility, social lifestyle and operating costs. Are the roads suitable for winter driving and will they be cleared in a timely fashion in winter? What about […] Read more
There are two of us in this retirement
When he was 65, Steve, a farmer in northeastern Saskatchewan, surprised his friends and family by retiring. No one who knew him thought he would ever do that, but Steve said it was time. His health was good and he wanted to be free of the day-to-day responsibilities of running the farm; free to visit […] Read more
Finding faith
Around the middle of the 20th century, when most of the people now of retirement age were being born, things were a lot simpler when it came to religion. You either had it or you didn’t. If you didn’t or if your brand of religion was different from the norm, you kept it to yourself. […] Read more
Land or sand?
So you’ve set a goal, establishing the day when you will officially retire from farming. You plan on being around for many more years after that, but when you do shake off this mortal coil, what will you leave your children? You always thought it would be the farm or at least part of it. […] Read more
Tax changes may affect retirement
Revisions to the Income Tax Act planned for Jan. 1 will change how intangible property, such as dairy and poultry quota, is taxed in Canada. The former Conservative government initiated the changes to the act that deals with intangible property, known as Eligible Capital Property (ECP), and as of Jan. 1, the Liberal government is […] Read more
Coming back to the back 40
The farm home and acreage is often valuable property that is given or willed to children. The children then have to decide whether to keep it, rent it or sell it. Ted Cawkwell, agriculture specialist with the real estate company Remax, said the decision is usually left to more than one child, so renting or […] Read more
