A large part of farm succession planning is information sharing between the generations, something Canadian Western Agribition’s (CWA) Next Gen Agriculture Mentorship Program is looking to replicate. The program is now in it’s fourth year and has recently announced this year’s group of mentors and mentees for Saskatchewan. The 18-month mentorship focuses on developing numerous… Read More

I’ve been having this conversation a lot lately, as I’m sure many of you have been too — I’m not sure how we’re at the end of December already. Although the last couple of weeks have shown some true winter temperatures, it has been abnormally warm (and dry) in my area, which I’m convinced has… Read More

Bill C-208, an act to amend the Income Tax Act, received royal assent in June of 2021. The act, which governs the rules and regulations regarding the transfer of agriculture businesses between family members, was applauded by many in the farming industry. Farm business advisors and accountants might be telling farmers and ranchers that changes… Read More

A strong legacy component to a farming operation can often make choosing who will take over the farm a difficult decision. Renee Wiatt, family business management specialist with Purdue University’s agricultural economics department, talked succession planning with RealAg Radio host Shaun Haney, as part of Farm Management Canada’s Agricultural Excellence Conference. “Farming is a very… 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

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

Intergenerational wealth transfer or succession planning can be a daunting task, but if started early and included as a regular part of financial check-ups, it doesn’t have to be. Trent Hamans, vice president of private banking and wealth planning with ATB Wealth, likens wealth transfer planning to creating a good meal. “Having successful intergenerational wealth… Read More

The federal finance department has scrapped its plan to delay implementation of legislation passed by Parliament that would reduce the tax burden for intergenerational transfers of small businesses, such as family farms. Bill C-208, the private member’s bill that was sponsored by Manitoba Conservative MP Larry Maguire, received Royal Assent before Parliament rose for the… Read More

 

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