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Transition Planning for Farmers: Multi-year Planning Case Study

Multi-year planning case study

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

Transition Planning for Farmers: Multi-year Planning

Multi-year planning

Last updated: Apr. 27, 2022 
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 may be … Read more

Transition Planning for Farmers: Diversified Operations Case Study

Diversified Operations Case Study

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

Transition Planning for Farmers: Diversified Operations

Transition Planning Diversified Ops

Last updated: Apr. 21, 2022 
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 with them, … Read more

Transition Planning for Farmers: Tax, Finance, and Estate Planning Case Study

Tax Finance and Estate Planning for Farmers

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

Transition Planning for Farmers: Tax, Finance, and Estate Planning

Tax Finance and Estate Planning for Farmers

Last updated: Apr. 14, 2022 
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 a given … Read more

How to protect yourself against fake CRA scams and fraud

unknown caller fake cra scam fraud

Last updated: Apr. 11, 2022 
It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, there are bad actors that take advantage of stressed out people (especially at tax time) who may not immediately recognize that they’re being scammed. In fact, the Canadian Anti-Fraud Centre has reported that this year alone … Read more

Automobile deduction limits announced for 2022

automobile deduction limits 2022 car dashboard and driver

Last updated: Feb. 28, 2022 
The Department of Finance Canada recently announced that automobile leasing and mileage reimbursement and Capital Cost Allowance (CCA) limits have increased, as of January 1 2022.  These changes reflect recent increases in the Consumer Price Index (CPI). The changes announced are summarized as follows. Capital Cost Allowance for Passenger Vehicles The before-tax … Read more

Capital Cost Allowance for Farmers

farmer with tractor capital cost allowance

Last updated: Feb. 21, 2022 
If you need to buy a major capital asset like a building, machinery or equipment to use in your farming business, consider buying it before the end of your fiscal year to claim tax depreciation, or capital cost allowance (CCA), to reduce your income on your tax return. What is capital … Read more