The growing sophistication of farm operations is reshaping farm transitions, and the challenges they face demand our immediate and strategic attention.
Tag Archives succession
Proactive succession planning key to success
Whether the decision is to sell the farm or save the family legacy, it’s important to start planning process as early as possible
Variety of options available to manage separation, divorce
In Saskatchewan, there are a variety of process options that people may use to navigate separation and divorce.
Tax and estate planning toolbox needs periodic inspection
Achieving tax efficiency and a smooth transition of a farming business, whether that means selling the farm or passing it on to the next generation, requires a high level of care and attention.
Succession: Where to begin?
Thinking of farm transition as a short-term, quick deal that we must get right because we only get one chance can prevent us from even starting the process — and starting it off right
Glacier FarmMedia – I recently polled farm managers about what big projects they were planning for this year. Half the respondents said succession was a priority; however, many indicated that they don’t know where to start. I look at it like this: if you’ve taken your child to the field, or they work alongside you, […] Read more
Farmland sales require special tax considerations
There are various tests that need to be met with respect to each parcel of farmland to receive special tax benefits
Farmland is a unique asset from an income tax perspective, given the ability to either transfer it to children without paying tax or sell it and potentially pay no tax by using the lifetime capital gains exemption (“LCGE”).
Farm transition does not have to be a messy process
Farm transition is often characterized as a power struggle, but it doesn’t have to be that way, heard participants at a succession workshop held as part of the recent Canadian Federation of Agriculture annual meeting.
Good governance, respect help farm transitions
Kolk Farms has made sure strong procedures are in place to ensure that transition and succession are done properly
Transition is nothing new for the Kolk family of southern Alberta. Since the farm was established in the 1950s, it has moved from one generation to the next and one commodity to another.
Tax not sole basis for succession plans
A tax expert says how much tax one might have to pay should not be the first consideration when drafting a farm transition plan
No one wants to pay more taxes than necessary, but an expert says tax shouldn’t be the only thing people worry about when succession planning.
Farm succession not just about the transfer of assets
Young farmers intending to take over the farm are urged to have wills and hire third parties to help with transition plans
Annessa Good-Hassard knows first-hand what many farm families are going through when it comes to transition. She and her husband are taking over her family’s Alberta farm.
Low-stress succession needs everyone on the same page
Consultant says she has found that clear, consistent communication is key to navigating the high waters of farm transition
Glacier FarmMedia – Passing the torch can add stress to a farm family’s already stressful lives, but it doesn’t have to be that way, says Patti Durand of Brightrack Consulting. Before starting her consulting business, Durand worked for five years as a business adviser at Farm Credit Canada, during which she helped more than 350 […] Read more
