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
Category: Succession Planning
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
Farming with family can be rewarding, and also stressful. Transitioning a farm’s ownership from one generation to the next can be emotionally-charged and high stress, but would it be easier or any different if you were selling the business to a non-family member? Dick Wittman of Wittman Consulting says that many farmers may feel as… Read More
Decision making is one of the most critical parts of any business operation. Often, the big or higher risk decisions are made by those in the most senior positions — the ones that have been around the longest. In a farm operation that is planning for or in the process of succession, determining who makes… Read More
Farm Management Canada, (FMC) along with Farm Credit Canada (FCC), MNP, and the Canadian government, are announcing the debut of farmtransitionguide.ca. The brand-new bilingual web portal connects farm owners and hopeful farm owners to the tools, experts, and resources they need to develop and implement all stages of their farm transition plans. The website will… 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
Farming with family can be a tricky situation, and being able to make sound business decisions is such an important part of it. How do you decide on management decisions, equipment purchases, crop inputs, and the like? A key strategy to tackle decision making and delegating accordingly is to have regular farm meetings for everything… Read More
Family farms that hold regular business meetings are 21 per cent more profitable than those who don’t. That may be, but the mere mention of “meeting” likely makes you roll your eyes or maybe grumble in disapproval. Family meetings might bring up some not-so-pleasant memories, but Elaine Froese, farm family coach, says it doesn’t have… Read More
Creating an advisory board for your farm business can be an effective way to bring outside experience, perspective, and expertise on to the farm, without adding to the management team. As some farms are learning, the overall size and complexity of the farm business has grown far beyond what just one, or a few people… Read More