A farm management specialist says succession planning must be emotional but it also requires a formal process
Satisfying all the members of the family tree during a farm transition will take an emotional investment by the farm owners, but it will also take discerning decision-making that requires formal planning, says Bob Tosh. “You’re not going to go through any kind of intergenerational transition without actually getting emotional about it. And if you […] Read moreTag Archives succession planning
Unique farm succession plan moves forward
A Saskatchewan couple hand-picks their successors, ensuring the operation is farmed the way they would prefer
While all succession plans are unique, one playing out on the farm of Al Boyko and Hélène Tremblay-Boyko near Canora, Sask., could be described as more than a little outside the box. Readers met the couple in The Western Producer two years ago. At that time they were looking for a young couple who would […] Read more
Succession planning crucial for financial sustainability
Tough decisions and conversations will need to be made, say experts, but it will ensure a smoother transition
Families that are beginning the process of transitioning the farm should follow a number of general rules for it to be financially sustainable, say tax specialists. The key to any succession plan, no matter what stage it’s in, is communication between family members, said Riley Honess, a senior manager in tax with KPMG in Lethbridge. […] Read moreA farm asset transfer crisis is looming on the Prairies
According to Agriculture Canada the total value of farmland and buildings in Canada amounted to $427.9 billion in 2016. In the same year, the total value of farm machinery and equipment owned and leased by farm operators added another $53.9 billion to the asset base. The fastest-growing age group in the farm population was operators […] Read more
Documentary delves into farm succession
Filmmaker focuses on the story of a retiring Ontario farmer who is passing on his operation to a non-family member
Filmmaker Brina Romanek was working on a project about food waste in Canada when one of her subjects showed her how many farms in the area were not being passed down to the next generation. It sparked an interest in her, and also anxiety about what it would mean for farming’s future. The feeling was […] Read more
How to pass on land to non-farmers
Estate plans are key when trying to figure out how to keep non-farming children involved in the family operation
Farmers with children who will eventually inherit the farm but do not necessarily want to farm it may consider transferring the land to those individuals. This can be done in a couple of ways. In Saskatchewan, for instance, land can be held by multiple individuals in two ways: as joint tenants or as tenants in […] Read more
Make tough decisions now
The demographics of Canada’s family farms are changing. That means there’s a need for new attitudes toward farm succession planning, said Brent DeKoning, a farm succession expert with Lorkovic Wealth Management. “Over 50 percent of the farmers in Canada are … 55 and older,” DeKoning said during a recent web seminar, sponsored by Farm Management […] Read more
Government gathers input on intergenerational farm transfers
The Canadian Federation of Agriculture continues to push for a comprehensive review of the Income Tax Act
MOOSE JAW, Sask. — Finance Canada is holding consultations this month on how to enable intergenerational farm transfers. Canadian Federation of Agriculture vice-president Norm Hall said the department committed to the consultations after efforts last summer and autumn to overturn proposed federal tax changes that would hinder farm transfers. He told the Farming For Profit? […] Read moreYounger generation has much at stake in succession plan
There tends to be a large focus on the parents of a family farm when it comes to succession and estate planning. This includes what their exit strategy is and how they plan to fund retirement. But for a successful transition, it is important that the next generation also understands the current decisions and the […] Read more
Navigating smooth succession
Figuring out how to best transition the farm from parents to children can be daunting, but an easy-to-understand plan can help families achieve their goals. One such plan, laid out by succession expert Merle Good, comes with crucial steps and rules when the family is figuring out if they want to incorporate, establish a joint […] Read more
