Taxes support vital infrastructure, such as roads and hospitals, but income tax rates that climb over 50 per cent leave many farmers feeling that the value just isn’t there. There are strategies — all within the tax code — that can help to keep income tax at a more manageable level. In this episode of... Read More
Category: Succession Planning
Roughly 88 per cent of Canadian farmers still don’t have a continuity plan, and that lack of preparation could leave families facing more than grief in the event of a death or serious injury. That’s the warning from Derryn Shrosbree of 33seven, who joined Shaun Haney in this fourth instalment of a continuity planning series... Read More
Thanks for joining us for episode three of Continuity Conversations! The first two episodes focused on the value of the farm and the importance of thinking long-term about not just the farm legacy, but also the debt load of a continuing business (see those here). In this episode, host Shaun Haney again sits down with... Read More
In the next decade, thousands of farms and farm businesses will transition in ownership from one generation to the next. How that hand-off happens is far from simple. Farm transitions involve not just assets and operations, but also families, livelihoods, and legacies. In this episode of Ruminating with RealAg, Annessa Good-Hassard of Peak Heritage Consulting... Read More
As land values soar and tax bills loom, Canadian farm families face a pivotal question: are they leaving a legacy — or a liability when it comes to the farm business continuing? In this second interview with RealAg's Shaun Haney, Derryn Shrosbree, CEO and founder of 33seven, outlines the urgency and opportunity in continuity planning... Read More
Farm transition and succession planning are two of the most avoided yet critical discussions for family farms. In this candid and solution-focused episode of the Mind Your Farm Business podcast, host Shaun Haney welcomes back renowned farm family coach and author Elaine Froese to break down the roots of procrastination and explore how to move... Read More
Planning without numbers is like flying blind, and farm transition planning is no different. Before going too far in the farm succession or continuation process, it's critical to understand the value of the farm asset as that figure sets the stage for the rest of the process. According to Derryn Shrosbree, CEO of 33seven Continuity... Read More
Weeks can turn into months, and months into years when it comes to getting the ball rolling, and keeping it rolling, on a farm succession plan. To simplify what can feel like an overwhelming project, the chair of the Winnipeg chapter of the Canadian Association of Farm Advisors (CAFA) recommends coming up with answers to... Read More
The federal government has partially changed its mind and is deferring the increase to the capital gains tax inclusion rate that took effect last June. Finance Minister Dominic LeBlanc announced on Friday that the implementation date of the inclusion rate increase from one-half to two-thirds will be delayed from June 25, 2024 to January 1,... Read More
People have been using handshakes to solidify deals since at least as far back as ancient Roman times. A handshake in those days would show that each person was unarmed, thereby establishing a relationship of honesty and trust. Fast forward to today with the progression of law and contracts, a need for more formalized agreements... Read More