A retiring Manitoba couple with no farming heirs would like to see their land safely transferred to their farming neighbours. Just gifting the land, though, or selling it below market value would complicate their retirement plans.
Tag Archives Capital gains tax
A vendor take-back mortgage will help keep a farm intact
Farm Financial Planner: The retiring sellers don’t want or need top dollar for the land, but need to limit the resulting tax liability
Farmers’ sons have no interest in taking over family farm
Farm Financial Planner: A tax-light liquidation of a farm calls for some planning well in advance
Jack and Mary need to retire, but a sale of their farm will the only way to get there because their grown children have no interest in farming. A tax-light liquidation of a farm, though, will take some planning well in advance.
Grain Growers of Canada urges farmers to ‘Vote for Grain’
Initiative encourages farmers to make concerns heard, see where candidates stand on key issues
Grain Growers of Canada (GGC) is launching a campaign to engage grain farmers in the upcoming federal election.
Carney cancels capital gains hike
Tax plan drew criticism from Canadian farmers, agriculture groups
Prime Minister Mark Carney announced Friday that a proposed hike of the capital gains inclusion rate, controversial among Canadian farmers, had been cancelled.
Federal government defers implementation of modified capital gains tax to 2026
Grain Growers of Canada says it continues to oppose the changes, calls for government to reverse the increase
Canada's government on Friday announced that it would defer the implementation of the controversial changes in the capital gains tax to January 1 next year.
Changes to Canadian Entrepreneurs’ Incentive won’t offset capital gains losses says Grain Growers of Canada
Grain Growers of Canada says proposed changes to the Canadian Entrepreneurs’ Incentive will help some grain farmers but won’t offset losses due to changes to the capital gains inclusion rate.
Farm groups criticize capital gains inclusion rate change
Ten national organizations say several tax-related changes in the 2024 federal budget will impact farmers
In a May 27 letter to finance minister Chrystia Freeland, agriculture minister Lawrence MacAulay and national revenue minister Marie-Claude Bibeau, 10 signatories said they are concerned about the capital gains inclusion rate, the Alternative Minimum Tax (AMT) and the Canadian Entrepreneurs’ Incentive (CEI), which were all announced in April.
Farm Financial Planner: Lessening the sting of the AMT after land sales
With planning, retiring farmers can reduce the burden of the Alternative Minimum Tax
A couple we’ll call Herb, who is 67, and his wife, Mary, 60, farm 600 acres of grain and hay and another 500 acres of pasture in central Manitoba. They have put much of their effort into a 100 head cow-calf operation. Their two children, Suzy, 32, and Astrid, 29, are married and have no […] Read more
Farm Financial Planner: A smooth transfer on the way to retirement
Planning smooth generational transfer to six children keeps Manitoba farm in the family
A couple we’ll call Jack and Susan, ages 56 and 54, respectively, farm 2,240 acres in central Manitoba. The third generation of their family to farm in Manitoba, they began three decades ago with 640 acres and expanded by renting an additional 1,600 acres of cropland. About 15 years ago, they incorporated their grain production […] Read more
Changes coming to capital gains taxes
2017 federal tax rules changes are right around the corner. Are you prepared?
If you are a farm business owner considering a sale of capital assets such as land or quota in the next few years, there are some proposed tax changes coming into effect that you should know about today. Two changes have been approved as of the March 2016 federal budget announcement. These will take effect […] Read more
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