Recently, some financial institutions have begun imposing their own internal form of “verification” requirement with respect to powers of attorney.
Tag Archives succession planning
Starting a small business comes with legal considerations
This article sets out some of the legal considerations to start a business to sell home-grown product, such as vegetables, herbs, fruit or honey.
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
The growing sophistication of farm operations is reshaping farm transitions, and the challenges they face demand our immediate and strategic attention.
When ‘invisible’ work becomes visible
Generational changes on the farm may prompt family members to take a closer look at how the value of ‘sweat equity’ is measured
Succession planning can reveal many things about how farm families work together, including work that’s gone unacknowledged and unrecognized.
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
What happens to an estate with assets outside of province?
Consider this situation: Dan is 75 years old and widowed with three children. He has a successful farming operation in Saskatchewan, but also owns farmland in Alberta and has a condo in Palm Springs. How do we deal with these assets on Dan’s death?
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”).
Conversation called key in succession planning
Transitioning from one generation to the next has to begin with the sharing of ideas, say holistic management panellists
The conversation surrounding farm succession has opened up in recent years with various strategies being shared.
Delayed capital gains tax changes can affect producers
Whether you are preparing to sell your property, looking to retire or strategically planning when to sell your investments, the recent conversations about the capital gains inclusion rate will inevitably affect many of your decisions.
Carney cancels capital gains hike
Controversial tax plan drew criticism from Canadian farmers, agriculture groups
Prime Minister Mark Carney announced Friday that a proposed hike of the capital gains inclusion rate, controversial among Canadian farmers, had been cancelled.
