Farm business Archives - Page 24 of 35

Farm Financial Planner: Planning a less taxing retirement

Herb and Martha are working on a plan to retire while their son takes over the farm

By Andrew Allentuck February 27, 2017

In central Manitoba, a couple we’ll call Herb, 54, and Martha, 52, have farmed for 25 years. The farm is in a partnership with Herb’s brother, who we’ll call Larry. Each brother has an interest in the partnership through his own holding company. The main operating entity is the partnership that does the actual farming […] Read more

Columns, Guarding Wealth

Guarding Wealth: The alternative minimum tax

Passing on the farm can trigger an unpleasant surprise:  an unexpected tax alternative minimum tax 

By Andrew Allentuck February 13, 2017

The Alternative Minimum Tax is yet another wrinkle in preparing and paying income taxes. It’s particularly relevant to farmers going through succession planning where capital gains of six figures or more may be realized. The Alternative Minimum Tax (AMT) may apply to you even if you have not reached the limit of your Lifetime Capital […] Read more

FarmLife

Managing brothers who behave badly on the farm

By Elaine Froese January 23, 2017

“I can’t believe that we have farmed together for over 25 years, and the fights between these two brothers farming just don’t stop!” says the exasperated farm woman who has had enough. This winter may be a good time to reflect on how you want things to be different at your farm. I think Dr. […] Read more

Successful woman handing out Canadian dollars. Female entrepreneur doing business in Canada. Giving or donating money. Female success in a multicultural society

Farm Life, FarmLife

Ready to share your wealth with employees?

An Employee Share Ownership Plan may be a good option for your farm

By Elaine Froese January 6, 2017

If you’ve had a tough year with poor crops and low prices and are feeling financially short, regardless of how it turned out, you’ll likely always need labour support to get the job done. One of the biggest fears of founders that I coach is the fact that they may lose loyal, hard-working employees after […] Read more

Columns

Farm Financial Planner: Switching up a succession plan

When children change their minds, parents revise their farm succession plans

By Andrew Allentuck December 5, 2016

Central Manitoba farmers Lloyd, 59, and his wife Ellie, 58, have been running their grain farm for four decades. With 1,920 acres of land they own personally and 960 acres in their farming corporation and reasonably up to date machinery owned by the corporation, they face the common problem of generational succession. They have two […] Read more

Alison Anderson, the director of Succession Matching.

Farm Life, FarmLife

How to find a successor for your farm

If you don’t have anyone interested in taking over the farm  Succession Matching may be able to help

By Elaine Froese November 25, 2016

It often happens at my succession communication seminars that a weary farmer approaches me with a problem. “Elaine, we don’t have a successor for our farm.” The look of worry and wear on their face makes me want to just sit and listen to their story. When I spoke in Biggar, Saskatchewan a few years […] Read more

Farm Life, FarmLife

Communicate better with your farm lawyer

Lawyers have lots of experience and wisdom but they can’t read minds

By Elaine Froese October 24, 2016

Lawyers are the brunt of many jokes, but if you want to have a great succession outcome you better have a great communication plan with your farm’s lawyer! Ontario lawyer Sarah Jacob shared her experiences at a CAFA (Canadian Association of Farm Advisors) update. Would you like to save time and money in front of your […] Read more

Features

Solving problems with life insurance

Life insurance, combined with fixed value corporate shares can solve succession problems

By Angela Lovell October 19, 2016

This month, I asked the experts a very direct question: “Can my incorporated farm business pay my personal life insurance premiums?” The answer was reasonably clear: Certainly, your farm corporation can pay your personal insurance premiums, but in general you will pay personal income tax on the premium amounts because they are a personal benefit to you. […] Read more

Toban Dyck’s wheat yielded well. Toban and his father are running the equipment — Toban stepped out of the truck to take this picture.

Columns, Crops

Making the big move

Living in limbo is hard, but so is making a huge change

By Toban Dyck October 17, 2016

Things are changing for my wife and me. We moved back to the farm in our 30s with a rough plan for how taking over the family operation could unfold. That was in 2012. That plan has changed, and it’s currently unfolding. At least, in part. I’ve been here before. I know how to compose […] Read more

FarmLife

Which shade of control is blocking your farm transition?

One lawyer suggests there are four different types of control that need to transfer

By Elaine Froese September 28, 2016

Elaine, Dad just won’t give up control!” is a common frustration with the next generation trying to navigate into management and ownership. Ottawa-based lawyer Denis Sicotte presents an interesting concept; he calls it “shades of control,” meaning there are four different types of control that need to transfer: 1. Operational Control: The operations, daily decision-making, […] Read more

U.S. grains: Soy futures set six-week low as China buys Argentine cargoes, snubs U.S.

U.S. livestock: Hogs rally ahead of USDA report

Canadian Barley Research Coalition pledges $1.8 million to USask Crop Development Centre

GFM Network News

U.S. grains: Soy futures set six-week low as China buys Argentine cargoes, snubs U.S.

U.S. livestock: Hogs rally ahead of USDA report

Canadian Barley Research Coalition pledges $1.8 million to USask Crop Development Centre

Farm business

Farm Financial Planner: Planning a less taxing retirement

Guarding Wealth: The alternative minimum tax

Managing brothers who behave badly on the farm

Ready to share your wealth with employees?

Farm Financial Planner: Switching up a succession plan

How to find a successor for your farm

Communicate better with your farm lawyer

Solving problems with life insurance

Making the big move

Which shade of control is blocking your farm transition?

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