Category: Succession Planning

Ag Ex Conference bridges the generational gap on farm transition

It’s rare that farmers get as excited about business management professional development opportunities as they do about the latest equipment reveal or new crop variety. But Farm Management Canada is working to change that with its fifth annual Agricultural Excellence Conference. Slated this year for November 26th to 28th, at Winnipeg, Man., executive director Heather Watson… Read more »

The consequences of postponed succession planning

Talking with your family about farm succession needs to happen sooner rather than later, emphasizes Darrell Wade, president and founder of FarmLife Financial. Wade’s key message at the Canadian Beef Industry Conference in London, Ont., was to start the succession conversation early. As he explains in the video below, his family didn’t, and when a… Read more »

Mind Your Farm Business — Ep 33: When parents won’t talk about farm succession

Believe it or not, the farm transition can actually be a joyful journey. But that can only happen once three things are established: Is the business going to continue? When would you like it to continue? (starting now, or with a reading of the will) Who will lead the business in the next phase? That’s… Read more »

Let’s keep family in the family farm

The agricultural industry is changing very quickly on many fronts. Whether it is risk management, human resources, or the latest in technology, farming is becoming more complex all of the time. With all the rapid change around us the one thing that seems to be consistent is the role that family plays in making up… Read more »

You’re right to be terrified of the word “fair”

“Fair” must be one of the most commonly used words in the English language. It most certainly is one of the most dangerous. It gets used and thrown around with reckless abandon every day. Don’t believe me? Here’s are some examples: Farm succession: “Let’s make sure we split up the farm so it’s fair for… Read more »

MYFB — Ep. 30: When and why to incorporate the farm

Perhaps more contentious than the buy versus rent debate is the question of when and why to incorporate the farm. The federal government proposed sweeping changes to how taxes were calculated for corporations last summer. The changes were met with significant push-back from the farm community, as the new rules would have a significant impact… Read more »

Quebec farm transitions through 11 generations

The road that runs along the St. Lawrence River’s north shore from Montreal to Quebec City is known as the Chemin du Roy (King’s Road). Built during the French regime, it was the colony’s very first road. In 1667, shortly before marrying a fille du roy (king’s daughter) named Élizabeth Crêtel, Nicolas Langlois acquired land… Read more »

What can young people do to start a farm transition discussion?

Three transition experts share their advice on the best way for the next generation to start the farm transition conversation. Show them you mean business Since any successful inter-generational transition must become a business transaction, I’ve found that young people who begin with a business approach tend to be taken more seriously. What’s this look… Read more »

Think transition, not succession

Despite armies of well-meaning accountants, bankers and consultants urging them to do so, many Canadian farm families don’t have a plan in place to transfer ownership between generations. It could be the word succession that’s getting in the way. This can imply an abrupt change, when the older generation is booted out to pasture and… Read more »

Working smart: How to cut through tech distractions

Forget the standard five and 10-year outlooks of strategic planning. Instead, have you figured out where to best put your time in in a day? Whether or not you and your spouse are collaborating to your full potential? Is technology helping or hindering your farm operation? These are the kinds of questions Nick Bontis, professor of… Read more »

Build a legacy one decision at a time

If you’re five years away from stepping back from the day-to-day operation of your farm, you’re likely to make different management decisions than say when you were five years in to your farming journey. But it’s rare for a farm to have such a distinct start and end point — most farms are a blend… Read more »

Backtracking on tax changes — what Ottawa’s updates mean for farmers

The dust is starting to settle after Finance Minister Bill Morneau’s flurry of announcements backtracking on the federal government’s proposed small business tax changes. Now that the news conferences are over and we’ve had a few days to analyze the changes to the changes, how will the updates affect farm businesses? First of all, we… Read more »

MacAulay downplays impact of proposed tax changes

Agriculture Minister Lawrence MacAulay continues to downplay the potential impact of the Liberals’ proposed tax changes, despite widespread concerns voiced by many farmers, small business owners and their accountants. The minister took 10 minutes to sit down with RealAgriculture in his office in the Confederation Building on Parliament Hill this week to discuss the tax… Read more »

Tax change answers — Part 3: Capital gains

The federal government wants to clamp down on incorporated business owners who it says are claiming capital gains when they should be reporting taxable income or dividends. A capital gain is essentially the increase in the value of a capital asset, such as farmland, above its purchase price. Under Canada’s tax system, only 50 percent… Read more »

CFA lobbies for more time and changes to government tax proposal

Members of Parliament are back at their seats for the fall sitting of Parliament, and tensions are high, with the Conservatives and NDP questioning the Liberals’ proposed tax changes announced in July. Farm groups and farmers have also been vocal in criticizing the government’s plan. “I don’t think the government realized the opposition that would… Read more »