Category: Succession Planning

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 »

Tax change answers — Part 1: Income splitting

There’s a reason most farms pay accountants to provide tax planning advice. Taxes are complicated. Add multiple pages of new information, unclear definitions, ‘tax cheat’ accusations, some emotional rhetoric, and it’s a challenge, even for accountants, to assess what Finance Minister Bill Morneau’s proposed tax changes could mean for an individual farm business. We’re going… Read more »

Ag minister avoids saying much on tax changes

With farmers, farm organizations, and accounting firms that work in agriculture voicing serious concerns about the federal government’s proposed tax changes, Agriculture Minister Lawrence MacAulay broke his media silence on the subject on Friday afternoon. For all of 50 seconds. The Full Story: Facing the politically dangerous choice of siding with the farm community or… Read more »

MYFB — Ep. 28: The senior partner’s perspective on succession

Every farm succession plan starts and stops with the older generation. In most cases, it’s up to mom and/or dad to determine how and when the transition moves forward. For farm families who are stuck in that process, it’s usually not from a lack of desire to execute, but from paralysis — not knowing where… Read more »

Getting crunched: Government squeezes on farms are adding up

I’m fortunate enough to get to meet all kinds of farmers. Usually when we meet, the conversation is a standard one. What’s the weather been like or how is the harvest going? Politics, just like sex and religion, is usually left out of it. Until recently. Farmers keep bringing it up in their conversations. That… Read more »

Coalition formed to fight federal tax change proposal

Agriculture groups are among more than 40 national organizations that have formed a coalition to fight the federal government’s proposed tax changes for incorporated businesses. The Coalition for Small Business Tax Fairness sent a letter to Finance Minister Bill Morneau asking him to take the proposal off the table. “In ten years at the Canadian… Read more »

MYFB — Ep. 26: Before the funeral home

Building a successful farm takes many years of hard work and dedication. That’s well understood. But what it takes to continue that success into the next generation is often forgotten, or put off until it’s too late. What comes next? What will happen to my business when I am no longer able to run it?… Read more »

MYFB — Ep 24: Can break-even be your worst case scenario?

If when you think of risk in farming you think only of uncontrollable things, like the weather and global trade, or only crop price slides, you’ve likely missed an opportunity to take a more proactive approach to risk management. While it’s easy to get overwhelmed by ‘what if’ scenarios and all the different forms of… Read more »

Getting Your Farm Succession Unstuck

The process of transitioning a farm business from one generation to the next is often filled with obstacles and patches where progress seemingly bogs down in the mud. Generally, the stickiest areas are the ones that come with the potential for conflict, explains farm family business coach Elaine Froese, in the interview below. “The two biggest things… Read more »

MYFB — Ep. 23: Four Elements of a Well-Crafted Farm Business Plan

The finding is staggering. A recent IPSOS Reid poll found that certain farms achieve five-times higher return on assets because of one key element. Perhaps more surprising is how accessible this element of a farm business is — it’s a written business plan. That number is impressive, but even more striking is the associated finding that… Read more »

MYFB — Ep 22: What’s Fair is Not Always What’s Equal

“One day, this will all be yours.” If this is the sum total of succession planning you’ve done as a farm owner, or if, as the son or daughter, you’ve heard this one too many times with nothing to show for it — the interview below is a must listen. On this episode of the… Read more »

MYFB — Ep 21: Marrying Into the Family Farm

Family farms involve a complex interaction between two worlds — the family and the business, and both these worlds are impacted when a new person arrives. This person can be the glue that keeps things together, or the dynamite that blows things apart. We’re talking about what happens when a son or daughter-in-law marries into… Read more »

Intergenerational Transfer Doesn’t Have to be a Horror Story

We’ve all heard the horror stories of intergenerational transfer, but, says beef producer and lawyer Ryan Scorgie, it can actually work out, provided families are willing to navigate through some challenging waters. “One of the challenges we’ve seen in this industry is people don’t necessarily look at ranching as a specific business…but it is — it’s… Read more »

Please Forget These 7 Things Your Grandparents Taught You

A year ago we ran a post describing the grandparent wisdom you should never forget on the farm. This list of five things was very popular, even inspiring several additions to the list through reader emails, twitter and Facebook. All things are not golden though — it’s time to release the list of the things your grandparents… Read more »

MYFB — Ep. 15: Joint Ventures, Mergers & Farm Marriages

In the past, farms looking to grow simply bought more land, but that’s not as easy as it used to be. Rising land prices are forcing producers to be creative in finding opportunities for growth, which in some cases leads to joint ventures, mergers and acquisitions — the topic of this episode of the Mind Your Farm Business podcast. “The… Read more »