GFM Network News


Farm Financial Planner: Estate planning with an out-of-date will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

Farm Financial Planner: Selling to get out from under debt

With no farming children and little income flowing in from the farm, it’s time to sell


A couple we’ll call Harry, 74, and Anne, 72, have been farming in central Manitoba for four decades and would like to retire. They have 1,600 acres — 600 for grain and the remainder for pasture and hay. Their children, two sons and two daughters, have careers away from the family farm. The problem: pay […] Read more


Farm Financial Planner: Sell the farm or lease the land?

Sell the place and keep the cash, or hold on to your family legacy?

In south-central Manitoba, a couple we’ll call Perry, 50, and Lucy, 45, are feeling pressure to operate the family grain farm. Perry’s parents recently passed away and the 480-acre farm is Perry and Lucy’s. If they go back to the farm from their off-farm careers, they will give up a combined annual off-farm income totaling […] Read more

The financial failure of a farm can cause added friction, especially when it comes time to transition to the next generation.

No farm profits mean a change of plan is needed

This family’s generational ownership shift plan doesn’t work without farm profits

A family we’ll call the Browns has farmed in southern Manitoba for four decades. Over the first 30 years, they grew their farm to 2,000 acres of pasture and grain. Today, Jack Brown is 67 and Molly, his wife, is 66. Their son, Max, and his wife Chloe have three children under 10. Farm income […] Read more