Reading Time: 3 minutes Annessa Good-Hassard knows first-hand what many farm families are going through when it comes to transition. She and her husband are taking over her family’s Alberta farm.
Farm succession not just about the transfer of assets
Young farmers intending to take over the farm are urged to have wills and hire third parties to help with transition plans
Farm transfer tax treatment bill now law, feds say
Government to add amendments against tax loopholes
Despite a previous statement from her ministry, Canada’s finance minister says a bill standardizing the tax treatment of farm transfers is now officially on the books. However, while Bill C-208 is now in federal tax law, further amendments are en route to plug legal loopholes the bill may have opened. Finance Minister Chrystia Freeland on […] Read more
Schoepp: When it comes to succession, things can so easily go terribly wrong
Reading Time: 3 minutes When the transfer of the farm goes off the rails, the hurt and hardship never really go away This is a factual case study of succession gone wrong — and the hurt and hardship it created for the families on three farms. The farms and farm families are extraordinarily similar. The families are well-known and […] Read more
Parliament rises as farm succession bill passes
Manitoba MP's private member's bill clears Senate
With the possibility of a fall election looming, MPs rose from the House of Commons on Wednesday, marking the end to a parliamentary session featuring a handful of laws impacting agriculture. Brandon-Souris MP Larry Maguire saw his private member’s bill, aimed at lowering taxes on the sales of farms and other small businesses, pass in […] Read more
Succession planning is tricky, even for the experts
Succession expert Merle Good is passing the torch — and it’s a lot harder than he thought it would be
Reading Time: 5 minutes Merle Good makes his living by telling other people how to put together succession plans. But he got a taste of his own medicine when daughter Annessa came back to the farm. “Doing it is a hell of a lot harder than talking about it,” said Good, owner of GRS Consulting. “It’s a lot of […] Read more
Avoid family fights over farm wills with these land transfer tips
If you’re among the 80 per cent of farmers leaving some land to non-farming children, Merle Good has some creative land transfer advice
Reading Time: 3 minutes Merle Good has one piece of advice for farmers who are drawing up their wills: “If you’re going to leave land to a non-farming child, get creative.” Thirty years ago, “hardly any land went to a non-farming child,” said Good, a longtime tax specialist with Alberta Agriculture and Rural Development who now runs a private […] Read more
Farm succession on your horizon?
Expert will be one of the speakers at Cow-Calfenomics
Reading Time: < 1 minute AARD release – An expert in farm succession is one of the speakers at this year’s Cow-Calfenomics seminars. John Reid of Solar Harvest Consulting will talk about having adequate retirement income, transition plans, and generating revenue from all available sources on the farm or ranch. He will also speak about a technique where a farm […] Read more
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