Registered education savings plans are a common tool for saving for your child’s post-secondary education. Under the RESP contract, the “subscriber” is the person or persons who have opened and contribute to the RESP. There may be a sole subscriber or joint subscribers. The “beneficiary” of an RESP is generally your child or your children […] Read more
Tag Archives succession planning
Succession starts at the dinner table
Family hasn’t had formal meetings about an eventual transition to the next generation, but the discussions have begun
The journey to farm transition is long and bumpy with plenty of blind corners and dead ends, but Lowell Nelson and his family have started down the road without a map and are not sure where it will take them. “We’re not exactly sure when or what is going to happen. We have slowly been […] Read more
Family expects more hard work as plan develops
Dairy farmers from Alberta have met with a succession expert but know there is more to do to make the transition final
An initial transition conversation two years ago was a boost, but there is still plenty of work needed to make the final farm transition, said Michael Haeni, a member of the upcoming generation looking at taking over the family farm. Two years ago, three generations of the family sat down with a farm transition expert […] Read more
Bad experience teaches family about planning
Farming sisters feel tough conversations needed to ensure all five siblings feel included in the transition conversations
A difficult farm transition that threatened to create a rift in her parent’s family has confirmed Chelsea Pellerin’s belief in the importance of a clear, written farm transition plan. A conversation 15 years ago of how the farm would be transferred, but not spelled out and didn’t materialize, was a wake-up call for Pellerin, who […] Read more
Farm families can face challenges in transition planning
There are certain issues within the transition planning process that some families may find difficult. These issues may ultimately slow or stop the transition planning process altogether. Often referred to as soft issues, they involve personal feelings and emotions. They can be more difficult to deal with than tangible issues such as taxation. Discussing these […] Read more
Reinventing roles
The tables have turned for Elaine Froese. Today, she finds herself on the other side when it comes to discussions about farm retirement. Over the years, the farm family coach helped thousands of people manage farm transitions and develop succession plans. Now Froese and her husband, Wes, who are both in their mid-60s, are stepping […] Read more
‘I don’t golf’ is no excuse to avoid transition plan
There is one fundamental thing that needs to happen for a successful farm transition, says an expert in the field. “It will require you, you as an individual, to change,” said Patti Durand, agriculture transition specialist with Farm Credit Canada. And change isn’t easy. She cited the example of a farm dad sitting in an […] Read more
Farm incorporation can offer tax, succession advantages
Any successful farmer who owns their own operation should consider the advantages of incorporating the farm. As a farming operation grows, so do the benefits of incorporation. The following list is not comprehensive, but it will show what incorporating can do for an operation. Small business deduction and cash flow Canadian tax law is designed […] Read more
Farm succession bill passes but not supply management
Legislation aimed at those who trespass in livestock operations did not make it to third reading; Wayne Easter to retire
With the possibility of an autumn election looming, MPs rose from the House of Commons June 23, marking the end to a parliamentary session featuring a handful of laws that affect agriculture. Brandon-Souris MP Larry Maguire saw his private member’s bill, aimed at lowering taxes on family farm businesses, pass in Parliament and sent to […] Read more
Farm transfer law gains support, moves to Senate
Farm groups are praising MPs who voted in favour of a law aiming to amend tax laws and make it easier for producers to sell their operations to family members. Bill C-208, introduced by Conservative MP Larry Maguire for the first time in September 2020, is off to the senate for review after receiving approval […] Read more
