GFM Network News


How to pass on and preserve the family farm and generate retirement income

A couple puts an equitable plan in place for their children, only one of whom will continue to farm

A couple we’ll call Harry, 53, and Martha, 50, farm 5,500 acres in Manitoba’s Interlake region. They have three children ages 19, 20 and 24. Only the eldest, who we’ll call Bruce, is interested in taking over the farm one day. The other two see their destinies in what could be called town jobs. The […] Read more

Retirement income and inheritances

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

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


The couple’s largest capital asset will be their personally owned farmland.

Farm Financial Planner: Retirement income and inheritances

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

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Farm Financial Planner: Estate planning with an out-of-date will

Passing the farm to the next generation when Dad’s will doesn’t mention the kids

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

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

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 Financial Planner: Sell the farm or lease the land?

Sell the place and keep the cash, or hold on to your family legacy?

In south-central Manitoba, a couple we’ll call Perry, 50, and Lucy, 45, are feeling pressure to operate the family grain farm. Perry’s parents recently passed away and the 480-acre farm is Perry and Lucy’s. If they go back to the farm from their off-farm careers, they will give up a combined annual off-farm income totaling […] Read more

Gifts with a warm hand, not a cold one

How are you transitioning 
money to the next generation?

It was great delight to hear Dr. Meir Statman speak to certified financial planners in Halifax at their annual convention in June. He was talking about normal financial behaviours and why culture matters in how we transition our money to the next generation. I clapped when I heard him say, “I believe it is wise […] Read more


Farm Financial Planner: Grandchild will inherit widow’s farm

Managing taxes across the generations takes extra effort and a careful approach

Celeste, as we’ll call her, is 75. She lives in south central Manitoba and owns a 320-acre farm. Her husband, who we’ll call Edward, passed away earlier this year. The farm, a mixed grain and grazing operation, was profitable for many years. The couple put about $382,300 into off-farm investments over the years. Celeste’s problem […] Read more

In their plan to retire from their successful career as farmers, Jurgen and Frieda will include their grandson Herb in their succession plan. Herb has been doing much of the farm work for half a decade. Jurgen and Frieda’s son and daughter have off-farm careers, and don’t wish to farm.

Farm Financial Planner: Succession can skip a generation

This couple will hand the farm over to a grandson, keeping preferred shares for income

In western Manitoba, a couple we’ll call Jurgen, 73, and Frieda, 71, have farmed for the last 52 years. Jurgen inherited the home farm of 320 acres in 1972. The farm grew slowly. Jurgen and Frieda expanded the farming by renting land and buying parcels as they became available. At present, the couple has 2,000 […] Read more