GFM Network News


The couple’s largest capital asset will be their personally owned farmland.

Farm Financial Planner: Retirement income and inheritances

How to create a retirement plan and leave a legacy for your children

In central Manitoba, a couple we’ll call Jack, 57, and Susie, 54, have found themselves in a crisis. The couple left active farming and now rent their land to a neighbour. Sixteen years ago, Jack got a city job and sold 480 acres of the farm, half its original 960 acres, to pay debts and […] Read more

Farm Financial Planner: Use farm corporations for shifting generational ownership

Land and machinery ownership changes are easier through corporate shells

The world economy, and Canada’s part in it, turns out to be vulnerable to COVID-19, a microscopic particle wrecking industries, supply chains, and, in particular, the financial health of many farming families. The causes of distress range from loan payments due for farm equipment and real estate, which lenders may postpone — depending on the […] Read more


Farm Financial Planner: How young farmers can fulfil financial needs now and in the future

Make a long-range plan to buy a house, educate your children and plan retirement

A couple we’ll call Molly and Frank, who are 30 and 33 years old, respectively, farm 1,400 acres of grain and pasture in Manitoba’s Interlake district. They have a new child, Emma, and are looking ahead to the time they will retire. That could be three decades in the future, but, though distant, the exercise […] Read more

Farm Financial Planner: Estate planning with an out-of-date will

Passing the farm to the next generation when Dad’s will doesn’t mention the kids

A woman named Ruth, 65, and her late husband Max, who recently passed away at 66, farmed 1,600 acres in Manitoba’s Interlake region for the last four decades. Ruth continues their mixed farming operation with 800 acres of grain and the remainder in pasture and hay for what was, before they sold them, a small […] Read more


Farm Financial Planner: Farm transfer could lead to “hobby farm” status

Passing on an unprofitable farm can raise tax challenges for the next generation

A couple we’ll call George and Mary have farmed in south-central Manitoba for the last 35 years on a third-generation family farm. Each is 60 years old. Their dilemma is generational transfer. Their issue is the fundamental low level of profitability that could, if not handled properly, cause the farm owner to lose their ability to […] Read more

Farm Financial Planner: Estate planning for the very long term

This tree farmer’s crop will take decades to mature, but tax planning is still key

David, a name we’re giving to a tree farmer in eastern Ontario, is 83. His wife passed away some years back. He converted a 47-acre former hay and horse farm to trees. Now there are 25,000 trees growing, a crop that, given natural mortality, he is unlikely to see mature. The trees are varied, including […] Read more


Farm Financial Planner: Keeping the farm and keeping afloat

Recently widowed Linda wants to keep the farm together with a viable tax plan

In north-central Manitoba, Linda is 75, recently widowed and wondering what to do with the family farm. She has 880 acres rented out for $1,500 per month for grain and pasture. Two sons in their 40s have off-farm jobs, but even if they wanted to go home and farm, there isn’t enough land for a […] Read more

Farm Financial Planner: Keeping that farming door open

There are still succession strategies when adult children aren’t sure if they want the farm

In central Manitoba, a couple we’ll call Harry, 58, and Linda, 56, have run a 2,240-acre grain and oilseeds operation for 35 years. Their farm income has been supplemented by Linda’s consulting practice with a large company. They have two adult children in their 30s who are not likely to carry on the family farm, […] Read more


Farm Financial Planner: Farm succession through intergenerational money lending

Lending cash to the kids: A “family bank” can transfer assets to the next generation

A couple we’ll call Bob and Tess, both 59, have farmed in central Manitoba for four decades. Their farm has 3,000 acres, mostly in grain. Bob’s health has declined, and he feels he cannot carry on much longer. Their son, Fred, is 24. He hasn’t been farming, but he would like to supplement his income […] Read more

Farm Financial Planner: Transferring farmland, minimizing taxes

With good advice, land can be transferred to the next generation with minimal taxes


In Alberta, a couple we’ll call Henry, 63, and Maryann, 57, are third-generation farmers. They have 1,900 acres and a herd of 40 beef cows, far less than the 300 cows they had before the BSE crisis two decades ago. With too much land for their smaller herd, they rented land to neighbours and Henry […] Read more