Bill C-208, an act to amend the Income Tax Act, received royal assent in June of 2021. The act, which governs the rules and regulations regarding the transfer of agriculture businesses between family members, was applauded by many in the farming industry. Farm business advisors and accountants might be telling farmers and ranchers that changes... Read More
Category: Succession Planning
One challenge that many farmers face is how to pass the reins of an operation to a successor and how to get out of the way, but not go away. Dick Wittman learned plenty of valuable lessons managing a family-operated 20,000 acre crop, cattle, and timber operation in northern Idaho. He now heads Wittman Consulting,... Read More
A strong legacy component to a farming operation can often make choosing who will take over the farm a difficult decision. Renee Wiatt, family business management specialist with Purdue University's agricultural economics department, talked succession planning with RealAg Radio host Shaun Haney, as part of Farm Management Canada's Agricultural Excellence Conference. "Farming is a very... 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. How do you separate business from personal when you live and work with your spouse? What are some of the things you can do when you're the newcomer into an operation? Why is planning... Read More
Change is everywhere in farming and often everything seems to be in flux, whether it's markets, trade relationships, weather, or family relationships. Depending on the circumstances, farmers react differently to change says Heather Watson, executive director at Farm Management Canada (FMC). "Some people see that as unwelcome and unnerving; others see it as an opportunity... Read More
It would seem that no one has ever told the Jochums that "too many cooks spoil the broth." Günter, Crystal, and daughter Fiona Jochum farm together just west of Winnipeg, Man. But they don't just farm as a family, they also farm with Gunter's brother-in-law. All told, there are a number of managers, and Günter... Read More
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
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