Combining operations can help families simplify and save

Do you and your family members operate your own individual farming operation? Are your operations interconnected due to combined input purchases, shared or jointly owned assets or shared lending agreements? If this is the case, it could be of value to consider simplifying operations through the transfer of your assets into one entity. That’s not […] Read more

New retirement savings options available for small business owners

Farmers will soon have a new option for tax-effective retirement savings for themselves and their employees. Federal legislation to create Pooled Registered Pension Plans (PRPP) was introduced last fall, has received second reading and has gone to committee. PRPPs are intended to be a broad-based, low-cost, defined pension option that will be available to all […] Read more

Factors to consider when transferring farmland to children

One of the biggest considerations regarding your family farm is how to transfer farm land to your children or grandchildren. As you near retirement, the farm’s assets may be your main source of income and it is important to look closely at the options available to ensure you do not jeopardize your future security when […] Read more

Farm businesses can be protected from marriage breakdown

It’s unfortunate, but marriages do fail. That alone can be cause for sadness, but when a marriage also involves one or both of the partners owning a farming business, it is vital to consider the value of the business and how it can be protected. Failed marriages among adult children involved in a family farm […] Read more

Capital gains exemption helps make most of gains, rollovers

Most people have heard about the capital gains exemption, but they are not always familiar with the benefits the exemption can provide. In particular, producers may not be aware of how their capital gains exemption can be used in conjunction with other tax planning strategies to limit or defer income tax on their farming operations. […] Read more