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
Tag Archives Succession Planning column
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
Team approach can make succession planning easier
Just like no farm is exactly the same, it is unlikely that each farm’s succession plan will be the same. Succession planning focuses not only on the current circumstances of the farm, but the future of the farm and the goals of both the current and future generation of farmers. Succession planning varies from estate […] Read more
What happens to your Facebook account when you die?
The car, the tractor, the shares in our farming corporation, the investments — these are the assets we usually think about when preparing our will. However, there is another group of assets that has become increasingly relevant in the last few years — digital assets. You might believe you don’t have digital assets, but the […] Read more
Personal Property Registry provides valuable protection
The Personal Property Registry is a public, centralized, computerized system containing registrations related to security interests, such as liens, on personal property. The PPR is designed to provide users with a simple and reliable means to search for and register interests against personal property. The purpose of registering an interest in the PPR is two-fold. […] Read more
Farms encouraged to consider setting up joint ventures
A farm’s overall success in the short and long term has a number of factors, chief among them being the blood, sweat, and tears of the men and women who operate them. Many farms are in the middle of or preparing for a transition to the next generation. The legal structure of the farm (proprietorship, […] Read more
