In a perfect world, transition planning for management and ownership is built into the long-term planning of a farm. However, most farms approach it like a task; a single event or point in time that needs attention. While this approach can work, it can be improved, and doing so will likely provide long-term benefits. I’ve […] Read more
Tag Archives Succession Planning column
When the time is right to incorporate the farm, do it right
As farming ventures grow, more of them operate as corporations. Typically, farms start with sole proprietors or as spousal partnerships. This works for a small farm, but as profitability grows, incorporation is the next logical step. Farms typically incorporate to take advantage of the low corporate tax rate on the first $500,000 of taxable income. […] Read more
It’s time to take farm estate planning back to the basics
I often choose the topic of an article based on new tax rules or trends I see in practice. However, this time I decided to try something a little different and threw out a poll on social media to see what topics may be of interest. Among the suggestions I received was a trend that […] 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
Two weeks notice usually not enough for job termination
It is a common misconception that when an employer terminates an employment relationship without cause, they are only obligated to provide the notice period prescribed by the Saskatchewan Employment Act. In reality, most employees are entitled to a much longer notice period. Under the act, in the case of a termination without cause, the employer […] Read more
Mediation is a common tool used for dispute resolution
Mediation is a dispute resolution process that many people choose or are required to participate in when they are involved in a legal dispute. In Saskatchewan, all civil lawsuits are required to participate in mediation once the claim and defence are filed. This mediation is provided through the province and is at no charge to […] Read more
Young farmers encouraged to build experience and equity
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
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.
