By arranging to put part or all of your estate into trust after your death, you can save your beneficiaries some income tax and help keep the farm in the family.

A carefully structured trust can be a useful estate planning tool that provides both tax and non-tax benefits. Even if you do not consider yourself wealthy, trusts may have strategic value depending on your personal situation.

Farmers, fishers and incorporated small business owners have a lifetime capital gains exemption of $800,000, which will save you tax money on the sale of farmland and other qualified property.

If you are self-employed, a commissioned salesperson or an employee, you may be able to deduct certain expenses for your home office.

The benefits are greatest for the self-employed individual and lessen somewhat for the latter two. The employee is allowed to claim the least.

Be sure to designate a beneficiary for your RRSP registered savings plan.

Consider making spousal RRSP contributions.

The Growing Forward farm business risk management initiative, which is a coordinated by federal and provincial initiative, is a suite of programs designed to help the agricultural sector become more prosperous, competitive and innovative. The programs are: AgriInvest AgriStability AgriInsurance (an expanded production insurance program) AgriRecovery (a national disaster framework) As a farm producer you … Read more

The best investments for you depend on your unique situation. Many taxpayers are apt to find a registered retirement savings plan (RRSP) the most attractive deferred income plan due to the deductibility of their contribution. Registered education savings plans (RESP) also are attractive investment options for taxpayers with younger children because of the government bonuses and tax-free payout to students.

Clearly indicate your intentions for dispersal of jointly held assets to avoid legal disputes among surviving family members.