The purchase and sale of used vehicles is a common type of consumer transaction in modern society. In fact, the advancement of technology has made it easier than ever to identify and purchase used motor vehicles via private sale. That said, it is important that buyers take necessary steps to protect themselves in a private […] Read more
Tag Archives Succession Planning column — page 5
Excess cash can be tax problem for farming corporations
Having lots of cash is never a bad thing and can sometimes be hard to imagine after a very challenging year like 2021. However, for the purposes of the Income Tax Act, having too much cash inside of a farming corporation can be a problem and can result in the loss of certain tax benefits. […] Read more
Transferring the farm to the kids now has new tax rules
Business owners often look to sell their businesses when they retire. With farming, the new business owners are often one or more children. This has historically been a problem from a tax perspective. If the parents operate their business through a corporation, the sale of the business will usually proceed by selling the assets of […] Read more
Farmers must be aware of new corporation rules in Sask.
Have you incorporated a company under Saskatchewan’s Business Corporations Act? If so, you should be aware of new and upcoming corporate law rules requiring the collection and maintenance of certain information for an “individual with significant control” over your corporation. I say “upcoming” because as of late July, the new rules have been enacted but […] Read more
Knowing the basics about builders’ liens aids both owners and providers
Have you supplied goods or services in connection with an improvement to real property? Are you the owner or financer of such an improvement? If so, it is important to consider your rights pursuant to The Builders’ Lien Act SS 1984-85-86, c B-7.1. The Saskatchewan Court of Appeal recently stated that the act has two […] Read more
Pros and cons to consider when planning a business sale
As the current generation of farmers heads into retirement, we are more commonly seeing family farms being sold to third parties instead of transferred to the next generation. Aside from determining the purchase price, the most important decision in a sale is how it should be structured. The two main options are a share sale […] Read more
Know the tax rules when selling and replacing farmland
Thinking about selling some of that farmland that is a little too far from home or that just isn’t the right fit for your operation? Have your eyes set on another parcel? If so, you might be able to take advantage of the replacement property rules to defer the capital gain on the parcel you […] Read more
Farmland transfer to children requires advance planning
The importance of land to a farm, and a farming family, cannot be understated. There is a finite amount of land available and in many circumstances, land remains within a farming family through generations. There are certain tax rollover rules designed to facilitate transfer of land from parents to children to keep it in the […] Read more
Executors have a high standard that they must meet
If you have been appointed as an executor under a deceased’s last will and testament, there are several things to keep in mind. The most important thing to remember is that an executor acts as a trustee of the property in the estate and is therefore subject to the highest standard the law can impose: […] Read more
Who runs the farm when you’re not able to do it anymore?
You’ve worked hard to build up your farm. You’ve made all decisions for the farm. It’s your livelihood and it supports you and your family. Unfortunately, you’ve been in an accident that has left you without the capacity to make decisions. You’re still alive, but you aren’t able to farm anymore. What now? Who steps […] Read more
