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In this farm couple's case, there are two alternative strategies to cut taxes.
Columns

A couple looks for a low-tax route to turn their farm into retirement income

With no kids who want to take on the farm, a low-tax exit strategy is needed

By
A couple we’ll call Chuck, 68, and Liz, 66, farm 1,000 acres in south-central Manitoba. Their all-grain operation is profitable, but they want out. Their children, two middle-aged daughters, are not interested in farming. That leaves the sale of the farm as the best and only way for the couple to quit the business and […] Read more
A couple works out a farm transition plan for three children
Columns, Features

A couple works out a farm transition plan for three children

Farm Financial Planner: The plan includes financial security for all, including a son with a disability

By
A couple we’ll call Max, 86, and Lily, 81, have farmed 480 acres in western Manitoba for the last 60 years. Their eldest son, who we’ll call Sam, now 60, retired from a city job with a solid pension. Sam now farms with his parents. He is the registered co-owner of the home 320 acres […] Read more
Intend to pass on your farm? There’s still time to plan and avoid large taxes
Columns

Intend to pass on your farm? There’s still time to plan and avoid large taxes

A farmer discovers a huge tax liability as he plans to transfer the farm to his nephew

By
In central Manitoba, a man we’ll call Harry, 81, has retired from a former life actively farming what was four quarters of grain. As Harry’s end of life comes into view, he wants to ensure that his sole heir, a nephew we’ll call Sam, does not wind up with a farm reduced or impoverished by […] Read more
How to pass on and preserve the family farm and generate retirement income
Columns

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

By
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
Columns

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
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: 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
Barbed wire fence through the tall golden grass fields
Columns

Farm Financial Planner: Sell the farm or lease the land?

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

By
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

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