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
Tag Archives after the farm — page 6
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
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
