retirement Archives - Page 3 of 5

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 Andrew Allentuck March 4, 2020

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

Columns

A dynamic investment trio: TFSA, Stocks, the ‘Rule of 72’

Use the three parts of this trio to build your own self-sustaining retirement program

By Herman VanGenderen February 25, 2019

The TFSA program is beneficial to all, but is especially beneficial to the younger generation who have an unprecedented ability to use its tax-free compounding potential for many years. Let’s look at how the TFSA can be combined with stock investments, compounding through the “Rule of 72,” to build a self-sustaining retirement program. Stocks are […] 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 Andrew Allentuck January 21, 2019

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

Farm Life, FarmLife

Gifts with a warm hand, not a cold one

How are you transitioning  money to the next generation?

By Elaine Froese September 18, 2018

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

Columns

Farm Financial Planner: Grandchild will inherit widow’s farm

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

By Andrew Allentuck November 9, 2017

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.

Columns

Farm Financial Planner: Succession can skip a generation

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

By Andrew Allentuck July 24, 2017

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

FarmLife

Farm dads and emotions of quitting farming

By Elaine Froese July 15, 2017

It’s my 22nd Father’s Day column and I will do my best to not make “Charlie from Saskatchewan” feel like I am beating up farm dads! A reader asked me to write about the emotions of quitting farming. Let’s take the approach of the farm culture attributes farm founders appreciate. What might it feel like […] Read more

Columns

Farm Financial Planner: A smooth transfer on the way to retirement

Planning smooth generational transfer to six children keeps Manitoba farm in the family

By Andrew Allentuck May 18, 2017

A couple we’ll call Jack and Susan, ages 56 and 54, respectively, farm 2,240 acres in central Manitoba. The third generation of their family to farm in Manitoba, they began three decades ago with 640 acres and expanded by renting an additional 1,600 acres of cropland. About 15 years ago, they incorporated their grain production […] Read more

Columns

Managing your farm’s biggest risk

For long-term stability, farm transition planning is key. Take control of your biggest risk

By Brian Wittal May 10, 2017

The marketing risk management issues I usually write about are focused on improving marketing results while reducing marketing risk. I would say this falls under the category of production management. What I would like to talk about in this article comes under the category of business management: farm transition planning. You may wonder why I […] Read more

Columns

Farm Financial Planner: Income issues block couple’s retirement

Working, good investments and selling the land,  will fund this couple’s retirement

By Andrew Allentuck March 28, 2017

In south central Manitoba, a farming couple we’ll call Jorg, 59, and his wife, who we’ll call Carole, 57, want to retire. Their 480-acre mixed cattle and grain operation has not been very profitable for many years. To keep the farm going, they have had off-farm jobs, diverting their income to the operation. Now, nearing […] Read more

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Tag Archives retirement

Farm Financial Planner: Farm transfer could lead to “hobby farm” status

A dynamic investment trio: TFSA, Stocks, the ‘Rule of 72’

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

Gifts with a warm hand, not a cold one

Farm Financial Planner: Grandchild will inherit widow’s farm

Farm Financial Planner: Succession can skip a generation

Farm dads and emotions of quitting farming

Farm Financial Planner: A smooth transfer on the way to retirement

Managing your farm’s biggest risk

Farm Financial Planner: Income issues block couple’s retirement

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