Don’t gift the farm to your children, but make them buy it at full market value, says one intergenerational wealth expert. “When we take shortcuts with the valuation and offer discounts to the family, we damage the confidence of the next generation. We actually undermine their authenticity,” said Tom Deans. Deans, an author and business
A Manitoba Conservative MP’s bill to standardize the tax treatment for sales of farms and other small businesses has cleared the House of Commons and is en route to the Senate. Brandon-Souris MP Larry Maguire’s Bill C-208, which was introduced for first reading in February last year, passed third reading in the Commons on Wednesday.
If government and private estimates are accurate, hundreds of millions of North American farm acres will have new owners in the next 15 years. For example, the National Agricultural Statistics Service, the Department of Agriculture’s (USDA) survey takers and record keepers, predicts that 100 million acres of today’s farmland will be sold by its current
Where is it written that your parents have to go south for the winter together? Many aging farmers like to visit the Sun Belt at this time of year to get rest, connect with friends and have some well-deserved fun. But what if one of your parents prefers to stay home? When both spouses cannot
By virtually any measure, the Hilton family is successful. Over the past three decades, the family has expanded its Strathmore, Alta.-area operation from just over 2,800 acres to around 13,000, diversified crop production, and started a successful malting and brewing company that complements the core farm business. As well, family members have taken leadership roles
When the next generation comes home, Elaine Froese says families can set up some rules of engagement right away so everyone knows and can operate within that culture. When new people join the team, it can help to clarify expectations. “Culture is the invisible glue that holds the farm and the family together. It is
Take the road less travelled in some parts of rural Manitoba and you may see an iconic animal on the other side of the fence. There’s a good number of bison on the Prairies and Manitoba’s bison producers are hard at work meeting the demand of consumer appetites, but it won’t come without its own
Farmers are being urged to join the chorus of opposition facing the federal government’s proposed tax changes. Manitoba’s minister of agriculture has already added his voice to the growing calls for Ottawa to reconsider the massive overhaul and Keystone Agricultural Producers is asking its members to participate in government consultations before the October 2 deadline.
In our CTEAM program and other activities, we get to meet a range of Canadian farmers, and often we have the opportunity to assess their success both financially and personally, in terms of their ability to meet or exceed personal and family goals. Several characteristics of these successful people become obvious rather quickly. Not all
Farmers often stop me in the hall of conferences to ask deeper questions that are keeping them awake at night. The most common question is, “Elaine, how do we even get people to the table? My parents are refusing to talk, and my grandparents are even more stubborn!” Farm families are stuck because they give