What seniors want to do with their retirement is an important consideration when planning for a life after farming.  |  Getty Images

Budgeting for retirement starts with honesty

The first step is knowing what expenses a farmer has and taking a good look at how those expenses are likely to change

Retiring can mean big changes for any Canadian senior and there is work in financially preparing for the change. For Canadian farmers, an early start and an educated look at financial needs can mean more money in their pockets. Patti Durand, an agriculture transition specialist with Farm Credit Canada, works with retiring farmers. Many farmers […] Read more

Incorporating your farm could cut your tax rate by 75 percent. This strategy is likely the largest tax saving opportunity available to farmers that is most often overlooked. Unsure how to do it? Talk to a financial planner.  |  Getty image

Farming, taxes and retirement

Taxation often makes up the largest expense and accounts for the largest loss of wealth in the lives of many farm families, particularly during retirement years, says Donavon Tofin, a tax specialist with Retiring Farmers in Saskatoon. Over a farming career that spans two, three or more decades, farmers defer income into the latter years. […] Read more

What does your future look like?

If you’re getting ready to retire, visualize what you want your life to look like — and figure out how much it will cost

To plan for retirement, it’s a good idea to think about what you want your retirement to look like. With a clear picture in mind, you can then set goals and figure out what needs to be done to reach those goals. Tim Eggers, field agricultural economist at Iowa State University, has designed a model […] Read more

Cut Knife farmers Bill and Gale Stonehouse made the decision to retire from their farming operation and take up some new activities — hunting and fishing for Bill, walking and crafting for Gale.  |  Shirley Byers photo

Couple make plans for life after farming

Bill and Gale Stonehouse have spent a lot of time lately planning an auction sale. It’s a big step. They’ve been farming since they were teenagers. Bill was 17 and Gale 18 when they married in 1970 and made their home on the Cut Knife, Sask.-area homestead that his grandfather had established in 1912 and […] Read more

Terry James, left, helped serve a chili lunch with James Richardson & Son Ltd. vice-president Jim Richardson in this undated photo when he was vice-president of marketing with the company’s grain division.  |  Richardson International photo

Trader spent career peddling grain

When Terry James was a young pup in the grain trading business, George Richardson told him something he’s always kept in the front of his mind: “It’s your name. It’s your reputation. It’s your word. It’s your bond.” Richardson, the patriarch of the family whose name is synonymous with Winnipeg’s grain trade, told him that trading […] Read more