Sask. financial planning company doesn’t think society will go back to a time when ‘everyone travelled for everything’
You shouldn’t let a good disaster go to waste, jokes Don Tofin. “With a good disaster there are always opportunities,” said Tofin, managing partner of The Retiring Farmer. When COVID-19 halted its in-person farm retirement and succession planning presentations and seminars, the Saskatchewan company moved online and gained followers from across Canada. Clients were happy […] Read moreTag Archives financial planning
Turning farmland into acreages can be risky
Subdividing a quarter section might be profitable but can also bring new neighbours who may object to commonly used farming practices
Splitting off acreages from a quarter section of land to help fund retirement may be financially appealing, but it also comes with risks, said a real estate agent from Camrose, Alta. The new acreage may bring $150,00 to $200,000, but the new neighbour may object to future activities on your land, especially livestock production, said […] Read more
Farmers eye farm transfer bill implementation
Parliament passed legislation earlier this year that will make it easier for producers to transfer farms to their children
A bill to smooth the transition and reduce taxes for the intergenerational transfer of farms received final approval in June, but farmers, farm leaders and tax accountants are still unsure what the final rules will look like. Bill C-208, introduced by Conservative MP Larry Maguire, was designed to allow family members the same tax treatment […] Read more
Cost of living key when calculating retirement expenses
Farm Credit Canada has noticed that more than half of its clients don’t know how much money they will need to retire
What may seem like a reluctance to retire and let the next generation step into the farm may sometimes be uncertainty of the unknown, said a retirement adviser. After talking to thousands of clients across the country, Patti Durand said she and her Farm Credit Canada colleagues have seen a trend emerge. More than half […] Read more
More ‘retired’ farmers keep their land
Auctioneers say they are seeing fewer estate sales now than 10 to 15 years ago as retirees keep ties to their farms
“They always say to leave the party when you’re having the most fun,” says Betty Turner. She and husband, Dennis Turner, love farming. But on Oct. 25, after 40 years of farming, the couple are having an equipment auction and retiring. “There comes a time to make some new memories, and that time is now,” […] Read more
Online services link owners, aspiring farmers
Older farmers who start thinking about retirement can sometimes have a hard time finding the right person to take over the land. Those obstacles can be even trickier to overcome if no family members are willing to stay on the farm. Producers usually want the farm to remain as a farm, but where do they […] 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
College bound? What you need to know
Those pondering post secondary education must have their finances in order; here are tips on getting started
Now is the time of year when many high school students about to graduate, and the parents who help them, as well as students who recently graduated, start planning for post secondary school. For those interested in agriculture, there are many options to mull over. According to an article in the American magazine Modern Farmer, […] Read more
Women take financial control
Advancing Women in Agriculture participants learn about investing and retirement options
In their later years, many women will be forced to manage their money on their own but few are well prepared to take on that responsibility. “The probability says that you will likely be alone or not living with somebody else and obviously be responsible for managing your financial resources,” said Gwen Paddock, RBC national […] Read more
