One challenge that many farmers face is how to pass the reins of an operation to a successor and how to get out of the way, but not go away. Dick Wittman learned plenty of valuable lessons managing a family-operated 20,000 acre crop, cattle, and timber operation in northern Idaho. He now heads Wittman Consulting, specializing… Read More
Category: Finance
Turn on Bloomberg, CNBC, or Fox News and just about every mainstream news outlet is talking about inflation. But how worried should farmers or ranchers be about inflation? In some ways, farmers or ranchers may be set up to benefit from inflation, says Shawn Hass of RBC Dominion Securities, in this interview with Shaun Haney… Read More
Change is everywhere in farming and often everything seems to be in flux, whether it’s markets, trade relationships, weather, or family relationships. Depending on the circumstances, farmers react differently to change says Heather Watson, executive director at Farm Management Canada (FMC). “Some people see that as unwelcome and unnerving; others see it as an opportunity… Read More
Understanding how multi-generation farms approach big-picture topics can help farm management teams (i.e. family members) better navigate difficult conversations on the future of the farm. In this second part of a discussion with Justin Funk, managing partner of AgriStudies, podcast host Shaun Haney explores how differences in how generations set goals, measure progress, use technology, and… Read More
When different generations work together in the farm business, conflict can arise over responsibility, ownership, succession, and day-to-day operations of the farm. Justin Funk, managing partner of AgriStudies, has done extensive research on what makes intergenerational farms unique in how they operate. In this Mind Your Farm Business podcast, Funk shares how differences in doing… Read More
A private member’s bill designed to level the tax burden when selling an incorporated small business to a family member versus selling to a non-family member received final approval from the Senate on Tuesday, clearing the path for Bill C-208 to become law. The bill, brought forward by Manitoba MP Larry Maguire, addresses the issue… Read More
A recent study by Farm Management Canada found that 63 per cent of Canada’s producers say they understand and can use financial information for decision-making purposes. Further, producers who have a financial plan and use their financial information to inform decision-making were found to increase their profitability by up to 525 per cent, according to… Read More
Bill C-208, which would amend the Income Tax Act for the transfers of small businesses, family farms, or fishing corporations, passed its third reading in the House of Commons on Wednesday, May 12, sending it to the Senate for approval. The private member’s bill, introduced by Manitoba Conservative MP Larry Maguire, would make it more affordable… Read More
While much of the attention around the federal budget release on Monday was focused on the billions of dollars in new spending and programs, the budget also includes a significant measure that will make it more attractive for incorporated farms to purchase certain types of capital, including tractors, trucks, and other farm machinery. The budget,… Read More
Alberta Wheat Commission (AWC) has announced that its FarmCash Advance Payments Program, previously only available in Alberta, will now be available to producers in British Columbia, Saskatchewan, and Manitoba, beginning March 15, 2021. FarmCash has provided Alberta producers of over 50 ag commodities — including major crops, livestock, and honey — with another option to… Read More
How do we recruit the next generation of agriculture employees? Reaching out and attracting new generations and talent into agriculture may be the next challenge facing our industry. Furthermore, as our society has evolved over the years, it seems that each new generation is further removed from agriculture. To explain some strategies to attract these… Read More
If you surround yourself with great people, you’ll do amazing things; and ultimately, an advisory group should take some of the stress out of making the right decisions when running a farm business. If anyone knows the value of incorporating an advisory group into their business, it’s Terry Aberhart. He farms 16,000 acres near Langenburg,… Read More
Conference season is upon us, and joining the virtual ranks of meetings is Farm Management Canada’s (FMC) Ag Excellence conference. The virtual space can provide a lot more opportunity both to virtual speakers, and to people who otherwise can’t physically make it. Joining RealAgriculture’s Bernard Tobin to discuss the core concepts of the event is… Read More
Around eight in every 10 Canadians support the broad idea of a one per cent tax on people who have more than $20 million in net assets, according to poll results published by Abacus Data this week. The survey results coincide with calls from certain politicians in Ottawa to move ahead with a so-called “wealth… Read More
John Deere has announced the acquisition of Harvest Profit, a farm profitability software company based in Fargo, North Dakota. The company, which has focused on helping farmers understand their crop production costs and revenue, was founded by Nick Horob in 2015. “Harvest Profit software helps farmers forecast and measure profitability on a field-by-field basis,” notes… Read More