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Tag Archives Financial Planning

farm family
Columns, Farm Life

Great questions to uncover inheritance expectations

Seeds of Encouragement: Keeping a farm intact can complicate the process, but not insurmountably so

By
One of the key fears of aging farm founders is the conflict they anticipate when the farming heir has access to millions of dollars of land, and the siblings who are off to other careers do not have the same net worth opportunity in their future. Or do they? Firstly, where it is written that […] Read more
Careful division of farm assets
Columns

Careful division of farm assets

Farm Financial Planner: For two brothers, the best way to manage risk and family is thoughtful planning and staying informed

By
In central Manitoba, two brothers we’ll call Sam and Fred, each in his 30s, inherited a successful third-generation farm with a notional value of $1 million and split fifty-fifty as a result of an estate freeze. Their parents took a $10-million slice of farm capital in preferred shares. Growth of farm value after the freeze […] Read more
cutting taxes with scissors
Columns

Couple looks for tax savings

Tax deferral essential to estate plan for farmers with hefty capital gains

By
In central Manitoba, a couple we’ll call Tish, 62, and Don, 65, have a dilemma. They have done well with their one section after six years of farming and 12 years of renting it to a neighbour. Their land has an estimated value of $4 million, which is a $3-million gain over their $1-million purchase […] Read more
Ron and Cindy know if they were to stop farming today, they would not have enough personal assets to maintain their current lifestyle spending of $6,000 per month.
Columns

What to do when capital is short and needs are long

Farm Financial Planner: Tough decisions ahead for this Manitoba couple

By
A farming couple from Manitoba we’ll call Ron, 67, and Cindy, 65, have run a successful farming operation for the last 40 years. They want to retire; however, none of their three kids have any interest in farming. The farm is comprised of five quarters of land and some machinery held personally by Ron and […] Read more
Due to a shortfall in income every year, Herb and Margie will need to withdraw money from their RRIFs.
Columns

A simple retirement plan

A couple’s farmland is set up for generational transfer

By
In north-central Manitoba, a couple we’ll call Herb, 66, and Margie, 64, are planning retirement in just a few months. They have 320 acres they own personally. They have owned the land for almost 30 years. It will qualify for the farmland capital gains exemption. When sold, therefore, the property will not bear capital gains […] Read more
Time and needs require a flexible estate plan
Columns

Time and needs require a flexible estate plan

Two brothers must anticipate challenges when they equally inherit the farm

By
In central Manitoba, two brothers we’ll call Sam and Fred, each in his 30s, inherited a successful third-generation farm split fifty-fifty. Their parents took a $10-million slice of farm capital in preferred shares. All growth of farm value subsequent to the estate freeze goes to the brothers in equal amounts to their common shares. Nathan […] Read more
Hollie Rudy is a territory manager with Nutrien Financial. One of her tips for farmers is don’t wait too long to take advantage of incentive programs for seed and crop input purchases.
Features, Practical Tips

Five tips for better year-end financial planning

What you can do to maximize profitability and financial sustainability in 2023

By
December is an excellent time to review your finances and to make sure you are setting up your farm business for the biggest profits possible in 2023. That means taking certain actions and avoiding others. For some farm business strategies, we checked in with Hollie Rudy, a territory manager with Nutrien Financial who also farms […] Read more
When circumstances change, make new plans
Columns, Practical Tips

When circumstances change, make new plans

How to protect your farm and your loved ones as lifespans decrease and asset values rise

By
A couple we’ll call Luke and Mary, who are both in their late fifties, live in southwestern Manitoba. They have recently moved in together. Love may be forever, but tax and inheritance law make it essential they review their finances. Farm Financial Planner asked Colin Sabourin, a certified financial planner with Harbourfront Wealth Management in […] Read more
Tax strategy raises income for couple in mid-life
Columns

Tax strategy raises income for couple in mid-life

The issue is financial efficiency

By
A couple we’ll call Harry, 50, and Margie, 49, own three sections in central Manitoba. They have a mixed farm operation producing hay and grains. They estimate their farm, machinery and inventory is worth $3.5 million. They need $84,000 a year after tax to maintain their way of life. The problem is getting that money […] Read more
Allocating land to the children is a matter of planning.
Columns

Parents of four adult children would like to retire

How to make fair provisions for all

By
A couple we’ll call Mike, 85, and Judy, 83, farm 1,200 acres in southern Manitoba not far from Brandon. Their farm has been reduced from its largest measurement, 2,500 acres. They have four sons. Two have their own farming operation of 2,000 acres each. A third son has a job off-farm. A fourth son we’ll […] Read more

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