Last updated: Aug. 4, 2022
In 2008, Jamie Myatt was working in the oil patch as an electrician when the economy took a downturn. When he came back home to Dartmouth, he found a job as a journeyman for a local company. But it wasn’t long before he felt unfulfilled in his role and decided to … Read more
Last updated: May. 5, 2022
Last week, Ontario Finance Minister, Peter Bethlenfalvy, tabled the province’s fiscal 2022–23 budget. Titled Ontario’s Plan to Build, budget 2022 introduces measures to rebuild Ontario’s economy, support workers, build highways and key infrastructure, reduce costs on everyday expenses, and increase healthcare capacity to keep the province open. The government is forecasting … Read more
Last updated: Apr. 27, 2022
This case-study is a follow-up to the Transition Planning for Farmers: Multi-year Planning article. Little by little, one farm successfully changes hands It’s not often you hear someone describe their farm transition as “flawless,” but that’s just how Denis Boucher labeled the experience. For as long as Denis can remember he … Read more
Last updated: Apr. 27, 2022
Part 4: Transitions should not occur over night Most transition plans last multiple years and often require substantial amounts of planning, conversations, thinking, restructuring and focus. Often the transition begins long before it truly begins with informal conversations in the barn or on a drive into town. Other times the transition … Read more
Last updated: Apr. 21, 2022
This case-study is a follow-up to the Transition Planning for Farmers: Diversified Operations article. From crops to biogas, how and why one farm made a drastic transformation post-transition. Gerald and Birthe Perry had always planned to retire at 60 and put the farm in the hands of their two sons, Chris … Read more
Last updated: Apr. 21, 2022
Part 3: Moving from one model of success to another Most farmers in Canada transition the farm down to another family member. Often, though, the transition needs to grow or diversify in order to maintain a new standard of profitability. When a child comes homes, and possibly brings a partner along … Read more
Last updated: Apr. 21, 2022
On April 12, 2022, Manitoba’s Finance Minister Cameron Friesen presented the province’s fiscal 2022-23 budget. Budget 2022 sets the path to recovery in five priority areas: healthcare, the economy, communities, affordability, and the environment. Provincial deficits of $1.4 billion for 2021-22, $548 million for 2022-23, and $440 million for 2023-24 are … Read more
Last updated: Apr. 14, 2022
This case-study is a follow-up to the Transition Planning for Farmers: Tax, Finance, and Estate Planning article. Farm family makes money work for them despite challenging circumstances Editors note: the farmer case study chose to use an alias due to privacy concerns. All other details remain intact and have been independently … Read more
Last updated: Apr. 14, 2022
Part 2: Capital considerations during a farm transition As the incoming generation begins to succeed the outgoing one with farm ownership of their own, one critical piece to the puzzle are the financial, estate, and tax-related aspects. Farms are often multi-million dollar operations that have serious financial implications depending on how … Read more