What’s the best way to have your children start farming? How do you compensate them? Many operations pay wages to children or young people working on the farm. This works great when your children are younger. If they aren’t sure about farming in the future, paying wages as a farm employee is simple and transparent. […] Read more
Tag Archives Succession Planning column — page 3
Incorporating farm partnership can have tax benefits
Incorporating a farming partnership can be beneficial for several reasons, including the potential to benefit from using the partners’ capital gains exemptions with proper tax planning. For farmers who operate as sole proprietors, there is no need to worry, as it is often possible to restructure your proprietorship into a partnership with your spouse, a […] Read more
Electronic wills are the new frontier of estate planning
Saskatchewan recently introduced legislation allowing for wills in electronic form. Previously, wills needed to be written on paper with a “wet ink” signature. This new change will allow for the option of either: a holograph will a paper will with a “wet ink” signature a digital/electronic will This article will explore the need-to-know information surrounding […] Read more
Set a landmark on the horizon to guide land acquisition
There are many tax incentives for farmers owning farmland including the lifetime capital gains exemption and the intergenerational rollover of farmland to a child or grandchild. Both can save or defer significant tax but require the land be owned personally for maximum flexibility.
Estate planning is about more than just writing a will
It is important to recognize that estate planning is about more than just making a will. There are actually a number of factors that go into the creation of a successful plan.
Farmers should expect ownership succession rule changes
Succession planning options for farming corporations are set to change by the end of 2023. When business owners and farmers have an incorporated business, the ability to use the lifetime capital gains exemption on a sale to a third party or on a succession of the business to the next generation in the family provides […] Read more
Estate planning about more than deciding to write a will
We often hear about how we should be working on our “estate planning,” but what does that really mean? It is important to recognize that “estate planning” is about more than just making your will. There are actually a number of factors that go into the creation of a successful plan. This article highlights a […] Read more
How to raise the subject of a prenuptial agreement
A prenuptial or cohabitation agreement specifies how property shall be distributed or divided in the event of a separation or divorce. Such an agreement can also specify entitlement to spousal support. Without an agreement in place, any property that either spouse has an interest in may be subject to a claim by the other spouse. […] Read more
Discretionary family trust can be beneficial for farmers
Many farmers may have heard about the “tax rollover” rules and the capital gains exemption rules in the Income Tax Act. If applicable, these rules may create beneficial tax positions when a person transfers shares of a farming corporation to their child or to a third party. Their use depends on whether certain conditions are […] Read more
Deciding when to call a lawyer during a legal dispute
One of the most common questions I receive as a civil litigator is, “do I need a lawyer?” Often the main hesitation is the cost of retaining representation, and retaining a lawyer is expensive. Lawyers typically operate by the billable hour, which means they charge for their time. Sometimes retainers are required. Depending on the […] Read more
