Reading Time: 5 minutes Glacier FarmMedia – Taking advantage of the revamped Bill C-208 can offer farmers significant tax savings when it comes to succession. Bill C-208 was initially introduced as a private member’s bill by Manitoba MP Larry McGuire in 2021. The bill sought to amend the federal Income Tax Act to exclude the intergenerational transfer of farms […] Read more
You can pay less tax on farm succession
Bill C-208 called a game-changer for farm transition, if you know how to use it
The time to talk succession is now, says advisor
Post-harvest a great time to talk succession, but be sure to set it up right
Reading Time: 4 minutes Fall is an excellent time to discuss farm succession, says a Calgary-based expert. “Harvest brings people together,” said Clark Lowry, a senior wealth advisor with Lowry Wealth Planning. “Once the harvest is done, I think it’s good for them to get together and have a discussion about what everybody’s intentions are.” According to a recent […] Read more
The kids are alright — but give them a chance to prove it
Reading Time: 4 minutes Treating your kids like livestock may seem like strange advice from a farm succession expert — but that depends on how you treat your cattle, says Reg Shandro. “I love the saying of one of my clients, ‘I want to handle my kids like I handle my cows. I want to open the gate and […] Read more
Schoepp: A promise with no timeline is not a succession play
The people in these four tales are very different but they all believed in a promise never fulfilled
Reading Time: 3 minutes There are seven days in a week and someday isn’t one of them. This popular saying could be made into a hit single — for farm succession. A man I’ll call Rick is in his mid-60s and still ranching on the same land his grandfather homesteaded. And while that might sound ideal, he has no […] 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
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
Start succession planning with a conversation — and then keep talking
Trent Clark has heard many succession ‘horror stories’ and is making sure that everyone in his family is on the same page
Reading Time: 5 minutes Planning for Profits Working on your farm management skills is like exercising — it pays big benefits, but it’s easy to push it off for another day. Only one-third of producers use business advisers or risk management tools, and fewer still do HR, succession, or strategic planning. To help make your farm more profitable (and […] Read more
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