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Tag Archives Farm Financial Planner

Generational transfer and the task of being fair to the other children is complex.
Columns, Features

How to keep the farm together, a complex generational transfer

Farm Financial Planner: Parents devise a plan for middle-aged children to keep the farm whole

By
A couple we’ll call Max, 75, and his wife, Betty, 70, farm 1,000 acres in western Manitoba. They have three children who are 40, 48 and 45 years old. The eldest and youngest have city jobs and no wish to farm. The middle son, who we’ll call Brian, will take over the farm. The issue […] Read more
Not only are the rules complex and professional fees potentially high, but the programs change often.
Columns

Farm Financial Planner: COVID-19 farm relief programs

Programs are blessings in bureaucratic disguise, valuable and complex

By
Federal relief programs for economic losses caused by the COVID-19 pandemic including job losses, business interruption, nonpayment of wages, unemployment and illness are being addressed by a web of federal and provincial programs. Farmers can benefit from several plans, provided they can document losses and, in some cases, pay back some part of subsidies. What […] Read more
Farm Financial Planner: A COVID-19 plan could save the family farm
Columns

Farm Financial Planner: A COVID-19 plan could save the family farm

In a term of illness, a succession plan can provide for farm management

By
Death may be inevitable, but the new reality of COVID-19 is that it can strike long before the end of a planned retirement. Conventional preparations like having a will and a plan for distribution of farmland and machinery, inventory, and financial assets, such as stocks, bonds and bank accounts, are usually done as distant contingency […] Read more
The couple’s largest capital asset will be their personally owned farmland.
Columns

Farm Financial Planner: Retirement income and inheritances

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

By
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: How young farmers can fulfil financial needs now and in the future
Columns

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

By
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
Columns

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

By
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
Columns

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

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

By
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 Panorama in Autumn
Columns

Farm Financial Planner: Keeping the farm and keeping afloat

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

By
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: Transferring farmland, minimizing taxes
Columns

Farm Financial Planner: Transferring farmland, minimizing taxes

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


By
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
Columns

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


By
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

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