An estate planner says a family conference that includes lawyers can help take the teeth out of farm transition disputes
Glacier FarmMedia – There are countless books, articles and seminars with advice on farm succession but those resources often fall short of addressing how to salvage things when family discussions fall apart. Farmers can take the teeth out of disputes by incorporating a purposeful family conference into the proceedings, farm management adviser John Poyser told […] Read moreTag Archives succession — page 2
Beach or barn? Depends on the retirement plan
The direction that a farm family’s succession planning takes will often be determined by the retiring parents’ future plans
Fall is usually when the phone starts to ring and farmers want to talk about succession, transition or sale, says Curtis Palichuk, managing partner of Wilde Advisory Group in Vegreville, Alta. When farmers come into the accounting office weary from harvest, they are reminded that the best farm transition and succession is a process that […] Read more
Farming needs new land tenure options
Farm succession is partially motivated by a love of family and land in both generations. Despite tensions between generations and varying expectations, succession works well in some cases. Today, many farms are aggregated parcels of land with equipment, infrastructure and perhaps quota, often incorporated, even if they are family run, and may not include the […] Read more
Changes to Alberta’s next generation loan receive praise
Glacier FarmMedia – A major insurer and lender is expanding eligibility and incentives for a loan dedicated to young and new ag producers in Alberta. The Agricultural Financial Services Corporation’s (AFSC) Next Generation Loan program is meant to provide these producers with “a consistent source of fixed-rate term loans to establish their own farming operation,” […] Read more
Where there’s no will, there’s still a way through intestacy
Everyone has been told it is important to have a will, but not everyone has heeded that advice. What happens when a person dies without a will, a situation known as intestacy? In some limited circumstances, this is not a big problem. If all assets (house and bank accounts) were held jointly with someone who […] Read more
Farms urged to consider new succession bill
Farmers are advised to take advantage of the revamped Bill C-208 because it offers them significant tax savings when it comes to succession. Brandon-Souris MP Larry McGuire initially introduced it as a private member’s bill in 2021. It sought to amend the federal Income Tax Act to exclude the intergenerational transfer of farms and other […] Read more
Timing is vital when using agriculture’s special tax rules
Unlike other industries, farming has special tax rules that allow for the transfer of an individual’s shares of a farming corporation to the next generation on a tax-free rollover basis. For other industries, the value that has accrued on Mom and Dad’s shares are eventually taxed to Mom and Dad, either by way of share […] Read more
Knowledge of capital gains rules vital for farm succession
Farm succession planning is complex. The transition of the family farm to the next generation raises several considerations, and one of the most important is how to transfer the farm in the most tax efficient way for the parents who are transitioning out and the children who are taking over. It’s important to consider Capital […] Read more
Options are available when planning for farm succession
In Canada, the average age of farmers has steadily increased over the last 20 years. A recent study by the Royal Bank of Canada, Boston Consulting Group and researchers from the University of Guelph found 40 percent of farm operations are expected to see these farmers retire in the next 10 years. The study also […] Read more
Estate planning help offered
Farm Credit Canada has introduced a new will and estate pre-planning tool that will provide producers with a starting point when thinking about how to successfully plan for the future of their operations. It is based on Tom Deans’ Willing Wisdom Index platform but has been adapted to reflect the unique needs of Canadian farm […] Read more
