When different generations work together in the farm business, conflict can arise over responsibility, ownership, succession, and day-to-day operations of the farm. Justin Funk, managing partner of AgriStudies, has done extensive research on what makes intergenerational farms unique in how they operate. In this Mind Your Farm Business podcast, Funk shares how differences in doing... Read More
Category: Succession Planning
The Successors is a RealAgriculture podcast series hosted by Kara Oosterhuis focusing on agriculture from the perspective of the up-and-coming generation. What does it take to successfully farm with your family? How do you tackle multiple roles on the farm, and involvement with commodity groups? Why do we need to celebrate the successes in years... Read More
Intergenerational wealth transfer or succession planning can be a daunting task, but if started early and included as a regular part of financial check-ups, it doesn't have to be. Trent Hamans, vice president of private banking and wealth planning with ATB Wealth, likens wealth transfer planning to creating a good meal. "Having successful intergenerational wealth... Read More
The federal finance department has scrapped its plan to delay implementation of legislation passed by Parliament that would reduce the tax burden for intergenerational transfers of small businesses, such as family farms. Bill C-208, the private member's bill that was sponsored by Manitoba Conservative MP Larry Maguire, received Royal Assent before Parliament rose for the... Read More
The federal government's Ministry of Finance says it is delaying implementation of Bill C-208 until January 1, 2022, potentially with amendments. However, Canadian law states that a bill goes into effect immediately after receiving Royal Assent, which the bill did on June 29, 2021, unless some other date is stipulated in the bill. Bill C-208... Read More
The Successors is a RealAgriculture podcast series hosted by Kara Oosterhuis focusing on agriculture from the perspective of the up-and-coming generation. What does it take to make critical decisions? How do you navigate developing a leadership style? Why do we sometimes need to take the advice of others, and understand that tomorrow is another day?... Read More
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
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... 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