Perfection isn’t the name of the game when handing over tasks to the next generation.  |  File photo

Avoid fixating on transition details that don’t matter

When transferring a business, especially a farm business, management transition is often the most challenging part between incoming and outgoing generations. Families often struggle with the change in roles and responsibilities and the giving up of control. The claim that tasks are often “not done the right way” is a common cry from those with […] Read more

Farming and the risk of insolvency: why cash is king

Grain farmers are in a time of unprecedented wealth. Increased land valuations and strong commodity prices have created a decade of compounding equity that has led many small enterprises to returns not usual in the farming industry. This being said, one factor that has not improved in the past decade is working capital. An industry […] Read more

There are many things to consider from a tax perspective when retiring, and all of them have different tax implications.  |  File photo

Consider these tax issues when retiring from farming

Retiring from farming may sound like a term rarely heard but it does happen, often in many ways. Whether it’s transitioning the farm to the next generation, selling the assets of the farm slowly over time or getting out all at once, there are many things to consider from a tax perspective — all of […] Read more

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Preserve your farm legacy with sound succession advice

The people and events in this column are based on real MNP clients. Chuck Addison was chilling out at the cottage by Green Lake, Sask., celebrating with his two brothers, Randy and Max. He kidded them about their bickering and how, despite themselves, they could make a good go running the family farm. After two […] Read more

A belt and suspenders: managing risk strategically

When it comes to managing risk, many producers take a belt and suspenders approach, buying multiple risk management products and hoping to ensure they’ll be all right in the future. Others forgo risk management products altogether, counting on the good times to keep coming. Astute producers land somewhere in the middle, taking a strategic approach […] Read more

Feds abandon plan to eliminate deferral option for farmers

The federal government has backed away from its proposal to eliminate the ability for Canadian farm families to manage their tax bill using deferred cash purchase tickets. Given the significant media attention that the federal government’s July 18 tax reform white paper has received, many Canadians may have forgotten the government also proposed eliminating this […] Read more

Damaged relationships: the price of a failed succession plan

I have read many articles about how lack of succession planning puts the financial future of farms at risk. They are attention grabbers and while I agree that the lack of or an ineffectively implemented succession plan can have financial implications, mostly farms survive. These same articles rarely talk about the hidden price of a […] Read more

How to protect yourself from tax scammer emails, calls

Scams and scammers have been around as long as there was money to be made and innocent people trusting enough to believe them. They have never been more prevalent with the rise of technology, social media and the increased global connectivity of the internet. As an accountant, my clients often ask about two very similar […] Read more

Solving the farm succession puzzle takes teamwork

A rule of thumb in life is that things are generally simpler than they first appear. We tend to overthink or make things more complicated than necessary. However, this is not the case when it comes to succession planning. Over the years I have come to realize that succession planning is a three-dimensional puzzle, much […] Read more

Farm labour: strategies for reducing staffing headaches

With spring around the corner, farmers are facing one of the biggest challenges of running a successful operation: finding and retaining labour. Having full- and part-time staff is becoming a necessity as the size of farms increases because of consolidation, but many producers find it increasingly difficult to fill positions. Fortunately, there are strategies that […] Read more