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MNP tax expert, Edith Frison (left) speaks at AgDays about Bill C-208.
News

Pay less tax on farm succession

Bill C-208 called a game-changer for farm transition, if you know how to use it

By
Taking advantage of the revamped Bill C-208 can offer farmers significant tax savings when it comes to succession, this year’s Manitoba Ag Days attendees heard. Bill C-208 was initially introduced as a private member’s bill by Brandon-Souris MP Larry McGuire in 2021. The bill sought to amend the federal Income Tax Act to exclude the
Harley and Brooklyn Siemens with their children, (left to right) Beckett, TaNielle and Sawyer.
Farmit Manitoba, News

A showcase in successful farm succession

Faces of Ag: Rosenort egg farmers earn Manitoba’s Outstanding Young Farmers’ award

By
[UPDATED: Apr. 6, 2023] For fourth-generation egg farmers Harley and Brooklyn Siemens, the news that they had been named Manitoba’s 2023 Outstanding Young Farmers was met with a mix of thrill and humility. “We were very honoured,” Harley Siemens said. “We’re proud of our accomplishments and all the work that we’ve put into our farm.” The Rosenort-area
Young farmers should see a financial planner to discuss their personal wealth as soon as possible.
News

Top transition tips for young farmers

There are few succession resources for young farmers, but a veteran coach has some tips

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It is a challenge to pass the farm to the next generation and while there are many resources for the older generation, there are relatively few to guide young farmers. Farm family coach Elaine Froese has advice. “I think founders are wanting their successors to prove themselves so I often ask young farmers what they
Simon and Amanda Ellis grow and retail pedigreed seed near Wawanesa.
News, News & Opinion

Passing It On: Young farmers reflect on succession journeys

Unique family stories reflect the value of communication, empathy, good relationships and good counsel

By
Advisors, clear values and family history were important to successful farm transitions for two Canadian farm families. Jan. 10 was Farm Transition Appreciation Day, a day in which groups such as Farm Management Canada, Farm Credit Canada and Glacier FarmMedia (the Co-operator’s parent company) encourage farmers to start the process of planning their farm’s transition
Finance Minister Bill Morneau, seen here at an Ottawa press conference July 18 announcing tax changes, 
has been getting a rough ride over the proposed policy.
News, Other

Did Bill Morneau just blink?

The finance minister says proposed tax changes will be altered so they don’t discourage incorporated farmers from selling to family members

By
Farmers’ concerns about the federal government’s proposed controversial tax reforms for private corporations haven’t fallen on deaf ears. Finance Minister Bill Morneau says the reforms will be changed so as not to discourage farmers from saving for retirement, employing family members, or selling their operations to the next generation. Read more: Q & A: Brian Pallister
Brian Pallister.
Local news, Other

Q & A: Brian Pallister on the feds’ proposed tax changes

Manitoba Premier Brian Pallister took his concerns over the proposed federal tax changes to Ottawa on Oct. 3

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Manitoba Premier Brian Pallister, who ran a financial planning company specializing in farm succession planning, shared his views with Manitoba Co-operator reporter Allan Dawson on Sept. 28. The following Q & A was edited for length and clarity. Q: What’s your reaction to the federal government’s proposed changes to taxing private corporations? Brian Pallister: This
“I cannot think of one farm client who will not be affected by these rules,” Mona Brown, tax law expert, Brown and Associates.
News, Other

Proposed tax changes could hit family farms hard

More taxes and more complexity in succession planning expected

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Tax law experts fear a nasty surprise awaits many farmers as the end of harvest nears and they begin to grapple with changes the federal government is proposing to the income tax act. Federal Finance Minister Bill Morneau announced tax reforms July 18 in a move the Liberals say is aimed at limiting the use
Trent Clark and wife Judy have had many discussions about succession with their three sons — both as a group and individually — so everyone can talk about their hopes and plans.
Crops

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

By
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 your life more enjoyable),
Elaine Froese
News

Farm succession plans lacking, poll shows

Just 30 per cent of farms have done formal succession planning

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Most farmers expect to retire and hand over the farm to family, but few appear to be doing anything to ensure it happens, according to results of a newly released Ipsos Reid poll of Canadian farmers. Just 30 per cent of 455 farmers polled for the 2015 Canadian Agricultural Outlook Survey said they are doing

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