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
Category: Succession Planning
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
In Episode 13 of The Truth About Ag podcast, host Evan Shout welcomes Clint Fischer, a South Dakota attorney specializing in farm family transitions and succession. In this discussion, they explore the intricate challenges faced by farm families during ownership transitions and discuss strategies that can help. Fischer is also founder of Braintrust Ag, an... Read More
The federal government is proposing several tweaks to the capital gains tax changes that were announced in the federal budget in April, that it says are the result of feedback from entrepreneurs, particularly in the tech and farming sectors. The changes, which were detailed in draft legislation released August 12, would make farm property eligible... Read More
Agriculture ministers from seven out of ten provinces are calling on the federal government to immediately reverse changes to the capital gains tax that they say are hurting farmers and the agriculture sector. As of June 25, the annual capital gains inclusion rate – the taxable portion of a capital gain, such as the sale... Read More
Over the past 20 years, the number of young and middle-aged producers in agriculture has seen steep declines, while the number of farmers over 55 has increased. Alberta hopes to reverse that trend and it's starting with changes to Agriculture Financial Services Corporation (AFSC)’s Next Generation Loan Program (Next Gen). Alberta is expanding eligibility and... Read More
Imagine a game of telephone, where someone shares a phrase with the person next to them and they whisper it to the person next to them and so on until at the end of the line of people, the last person shares what they think they heard. More times than not, something is lost in... Read More
The federal government's plan to raise the capital gains inclusion rate in less than two weeks will increase the tax bill on the sale of a typical Canadian grain farm by 30 per cent, based on research conducted by Grain Growers of Canada (GGC). Grain Growers has written a letter to Finance Minister Chrystia Freeland... Read More
Six of Canada's biggest business and industry associations, including the Canadian Canola Growers Association (CCGA), have written a joint letter to Deputy Prime Minister and Finance Minister Chrystia Freeland asking her to scrap a proposed change to capital gains tax announced in the federal budget last month. In addition to the CCGA, the May 9th... Read More