If you have sufficient assets to pay yourself an income for the rest of your life, you’ll need to consider the best path to generate that income.

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



Due to a shortfall in income every year, Herb and Margie will need to withdraw money from their RRIFs.

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


On a dollar basis, this plan is clearly unfair, for the non-farming son would appear to be shortchanged.

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

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

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

Lee plans on taking a few more of these
whenever and wherever he likes after Oct. 20,
2022.

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

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

A tax strategy for a retiree who inherits a farm

Farm Financial Planner: Opportunities to make money and save tax

In south-central Manitoba, a man we’ll call Ronnie, 57, lives on a 640-acre farm he inherited from his late parents. He’s never farmed and has no interest in swapping careers from the office work he did before retiring a few years ago. His plan is to sell the farm within three years and build a […] Read more