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. 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
Last updated: Apr. 14, 2022
Part 1: Bringing the outsider in Transition planning is one of the biggest decisions a farm family will ever go through. It’s for that primary reason that it is done right the first time. Conversations will be continuous and a constant flow of information between the incoming and outgoing generation are … Read more
Last updated: Apr. 14, 2022
This case-study is a follow-up to the Transition Planning for Farmers: Third-Party Facilitators article. Multi-generational seed farm, value-added business transition a smooth process thanks to trained facilitator When Tom Greaves’s father-in-law, Calvin Pitura, first approached him with a job offer for a management position at Pitura Seed Service, Tom came back … Read more
Last updated: Mar. 31, 2022
Transition planning is one item on a farmer’s to do list that often seems a little more difficult to strike a line through compared to the rest. No matter what the farm type, size or scale, the future is always calling and farmers must make a decision about it at some … Read more
Last updated: Jan. 5, 2022
Click here to read our updated blog for 2023 We’re nearing the end of 2021 and it’s a good time to think about building up your tax-free savings account (TFSA). If you haven’t already opened an account, you may want to consider starting one. We’ve covered the TFSA rules and how … Read more
Last updated: Jan. 5, 2022
Bill C-208 passed royal assent at the end of June. Since then, there has been some confusion on its application and what the legislation will and will not permit. Canada’s Finance Minister has now confirmed that the bill is federal law, but there are intentions to amend it in November of … Read more
Last updated: Nov. 18, 2021
UPDATE: The TFSA limit for 2022 has been announced – please go to our new blog post: “What’s the TFSA limit for 2022?” Now that you’ve entered a new year and finally put 2020 behind you (what a relief!), it’s a good time to plan for your tax-free savings account (TFSA) contribution. The … Read more