Lee Hart is dusting off the keyboard and coming out of retirement to revive the Hart Attacks column that many Grainews readers might remember.
Tag Archives retirement
Lee Hart: Out of the ashes of retirement
Hart Attacks: Lee Hart dusts off the keyboard
Limited income, large hanging debt, retirement plan in jeopardy
Farm Financial Planner: What a couple in their early 70s needs to do to retire
A couple we’ll call Frank, 72, and his wife Helen, 71, live on a farm in southwestern Manitoba. They have 486 acres with mixed grains and cattle. Their present income — Frank’s Canada Pension Plan payments of $3,680 per year, Helen’s CPP benefit of $2,400 per year, two Old Age Security payments totaling $17,000 per year, […] Read more
Woman, mid-60s, has successful farm and tax planning opportunities
It makes sense for her to take advantage of lower tax brackets while she can
A woman we’ll call Teresa, who farms two sections of grain in southeastern Manitoba, is 63. She works through a farm corporation worth $1.4 million and has personal farmland worth $1.75 million. The breakdown: she has non-farm assets of $419,000, savings of $400,000 plus a TFSA with assets of $100,000, and other savings of $800,000. […] Read more
Editor’s Column: Leaving things in good hands
I hope by the time you have this issue of Grainews in your hands, harvest has wrapped up successfully and you are enjoying the fruits of your labours from the past season. I would like to take this opportunity to thank you for inviting Grainews into your homes season after season, year after year. Steering […] Read more
A simple retirement plan
A couple’s farmland is set up for generational transfer
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
Plan a fair and tax-efficient exit strategy for all
How to pass on the operation to farming children while keeping share division fair for non-farmers
A couple we’ll call Bob and Linda, both in their early 60s, have run a successful farming operation in south-central Manitoba. They have 1,280 acres of which two quarters are pasture for 100 head of beef cows and the balance in wheat and barley. After 40 years of farming, they want to plan an exit […] Read more
Time for the ‘Big R’ has come
About 10,000 interviews and 45 billion words later there’s nothing left to say — almost
By about this time next week — October 20 to be exact — I will be retired. After about 50 years of writing and editing and rarely missing a deadline, October 20 is my last day of full-time employment. October 20 is my birthday. I will be turning 71 (where the heck did that number […] Read more
How to reinvent your farm life as you age
Mind Switch could be a good place to start
Harvest is in full swing on our farm, and I am not there — for a few days. Where is it written you cannot leave the farm during harvest? (Answer: on almost every page of the unpublished book, The Culture of Agriculture.) If you are one of the 2,800 folks who have stumbled upon “Finding […] Read more
Editor’s Column: Winds of change
There is a lot happening at Grainews this fall. Change can feel uncomfortable, but it can also feel exhilarating. I am feeling both at the moment, but the balance is tipped toward the latter at the time of writing. There is exciting stuff happening at Grainews, new stuff. I imagine it’s a similar feeling to […] Read more
A durable plan to pass on the farm
The eldest child takes over the farm while siblings receive profits as shareholders of the farm corporation
In south-central Manitoba, a farmer we’ll call Ralph, 48, and his wife, who we’ll call Susie, 46, have three children ages 13, 14 and 18. Ralph and Susie want to retire in 17 years, when Ralph is 65. The plan is for the eldest son, who we’ll call Parker, to take over the farm. It’s […] Read more
Cyber-Savvy Farmer
