Whether you are preparing to sell your property, looking to retire or strategically planning when to sell your investments, the recent conversations about the capital gains inclusion rate will inevitably affect many of your decisions.
Tag Archives succession planning
Carney cancels capital gains hike
Controversial tax plan drew criticism from Canadian farmers, agriculture groups
Prime Minister Mark Carney announced Friday that a proposed hike of the capital gains inclusion rate, controversial among Canadian farmers, had been cancelled.
Probate planning can help families avoid future problems
Letters probate is an order of the Court of King’s Bench that proves the authority of the executor named in a will to deal with the property of a deceased person.
Farm transition does not have to be a messy process
Farm transition is often characterized as a power struggle, but it doesn’t have to be that way, heard participants at a succession workshop held as part of the recent Canadian Federation of Agriculture annual meeting.
Good governance, respect help farm transitions
Kolk Farms has made sure strong procedures are in place to ensure that transition and succession are done properly
Transition is nothing new for the Kolk family of southern Alberta. Since the farm was established in the 1950s, it has moved from one generation to the next and one commodity to another.
Tax not sole basis for succession plans
A tax expert says how much tax one might have to pay should not be the first consideration when drafting a farm transition plan
No one wants to pay more taxes than necessary, but an expert says tax shouldn’t be the only thing people worry about when succession planning.
Farm planning seems daunting but should not be overlooked
Communication among family members or employer and employees is critical to farm success.
Farm succession not just about the transfer of assets
Young farmers intending to take over the farm are urged to have wills and hire third parties to help with transition plans
Annessa Good-Hassard knows first-hand what many farm families are going through when it comes to transition. She and her husband are taking over her family’s Alberta farm.
How to manage involuntary resignations from employment
Law columnist Faith Baron says if you are an employee and you are feeling pressured to resign your employment, you should seek legal counsel to be sure you understand your rights.
Canadian Entrepreneurs’ Incentive is worth considering
The Canadian Entrepreneur Incentive, introduced in the 2024 budget, offers tax breaks on capital gains to support entrepreneurs, including farmers. Producers should consider this new incentive when evaluating their succession planning with their trusted advisers. The CEI can be used as way to further reduce taxable income on the sale of qualifying farm property above […] Read more
