Strategies

Joint tenancy differs from tenancy in common in Sask.
While joint tenancy and tenancy in common both allow co-ownership of a single parcel of land, the impact of each optiondiffers drastically when it comes to estate planning.
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
Saving for children’s education requires a plan
About the time farm families think of farm succession, they’re probably also thinking of life after high school for their children. Whether the kids are going or staying, post-secondary education is a factor to consider. Because of the whopping cost of tuition and student loans, ideally they will have been thinking about it for a […] Read more
The pros and cons of buying a condo in the city
Many farmers choose to move to a condo after they wind up their farming business. It could be a smart move, or it just might turn into a train wreck. It’s important to learn as much as you can about the pros and cons of condo living before you make the decision to downsize. Key […] Read more
Retired and bored? Give the yard a facelift
You’ve already got the tools and the space to redesign your yard, now you just need some time and a plan
Transforming your farmyard into a landscaped paradise has been on your “to do” list for a number of years. Now that you’ve reached retirement, you’re looking forward to making that dream come true. James Polley, owner of Allan’s Landscaping in Saskatoon, says there are two important things to remember before landscaping the farmyard: Create a […] Read moreWhat happens once you’re there (and it’s no fun)
Some people have a real problem with retirement. Many farmers are in that group. Colleen Younie, a farm business management development officer with the Prince Edward Island agriculture department, has encountered some of them. These people are experiencing a profound sense of loss, grieving the farm, grieving a way of life, she says. “They will […] Read more

Finding satisfaction after retirement
Retiring from farming is the same as retiring from any job, but it’s also significantly different. That’s because people who stop farming are giving up more than a job. For many, it’s a way of life. An Australian study looked at a group of farmers who had retired and left their farms 1 1/2 to […] Read more

Navigating farm succession: a tool kit
The 2011 Census of Agriculture, released in stages between 2011-14, pointed to several demographic trends:
PINCHER CREEK, Alta. — In his law practice, Travis Bissett has seen many cases of farm succession go horribly wrong. Fortunately, he has also seen many resolved in a satisfactory way, just as the farm owners want. He prefers the latter scenario, and so he was one of four people who offered expertise at a […] Read moreFollowing key steps makes planning easier
Yes, you need a succession plan, says Nick Betts, a business management specialist with Ontario Agriculture. A succession or transition plan proactively charts the farm’s future rather than reacting to future events such as a death, a health crisis or a divorce, he says. “If you owned any other kind of business, you would have […] Read more