This article contains a cautionary tale about the Kash family, a fictional farming family that didn’t want to put any effort into planning for their retirement. Instead, they were aware of favourable tax rules that allow for transferring farm property to children on a tax-deferred rollover basis, and therefore their “plan” was to just give […] Read more
Tag Archives retirement planning
Beach or barn? Depends on the retirement plan
The direction that a farm family’s succession planning takes will often be determined by the retiring parents’ future plans
Fall is usually when the phone starts to ring and farmers want to talk about succession, transition or sale, says Curtis Palichuk, managing partner of Wilde Advisory Group in Vegreville, Alta. When farmers come into the accounting office weary from harvest, they are reminded that the best farm transition and succession is a process that […] Read more
Tax change hurts farm succession
Pity the family farmer. Once a shining centrepiece of Canada’s economic growth, our farmers are little more than an afterthought in our urban-focused world. And the federal government, which once supported small farms through helpful policies, is landing a new and devastating blow through federal capital gains tax changes. The planned changes will make it […] Read more
Knowledge of capital gains rules vital for farm succession
Farm succession planning is complex. The transition of the family farm to the next generation raises several considerations, and one of the most important is how to transfer the farm in the most tax efficient way for the parents who are transitioning out and the children who are taking over. It’s important to consider Capital […] Read more
