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Transaction services Valuations Tax advisory Succession and estate planning
Farm succession planning: Insights into gifting to children
A common question that we often get as farm tax advisors is whether or not farm property can be transferred to the next generation by way of a gift. This topic is becoming more and more important as nearly half of all farmers in Canada are 55 years of age or older and are preparing themselves for succession. Succession planning is the most discussed topic between farmers and their tax advisors. Contributing to this dilemma is that rising land values is creating significant amounts of wealth and making life difficult for the farmers to equalize their estates when there are active and non-active children involved in the farming business. Succession has become much more difficult, and a traditional solution of life insurance and non-farm assets may not be enough to equalize the estate.
John Bujold Jun 20, 2016
Succession and estate planning
Fundamental Changes to Rules for Estates and Wills
Recent amendments to the <em>Income Tax Act</em> have made fundamental changes to the tax rules for estates and wills. Lawyers and trustees should familiarize themselves with these new aspects.
Apr 21, 2016
Tax advisory Succession and estate planning
Infographic: Why farmers can’t afford to wait when planning for succession
Farm groups regularly raise awareness about the importance of succession planning, but many farmers have been slow to commit. According to studies, many believe it is simply “too early” in the life cycle of their business to devise a succession plan. But, those who put in the work to build a succession plan benefit enormously from a host of benefits and rewards.
Mar 30, 2016
Tax advisory Succession and estate planning
When family farm corporations don’t live happily ever after
Previous issues of <em>Farm Alert</em> have discussed the benefits of incorporating a farming business, factors to consider before and after incorporating, and the importance of maintaining a pure farm corporation in order to take advantage of the lifetime capital gains exemption on a potential sale or transfer of family farm corporation shares. This article discusses issues to be aware of when a family farm corporation must be discontinued or reorganized. A few practical scenarios demonstrate the downside of holding farm assets in a corporation.
Feb 23, 2016
Advisory Succession and estate planning Farming and agriculture
Why Plan for Farm Succession?
<p class="p1">Despite farm groups working hard to advise farm owners of the need to plan for their eventual succession, many farmers appear to be reluctant to plan properly. Though there are many reasons, studies show that the number one reason is that it is “too early” to begin planning. But is it really too early, or is there just an unwillingness to plan for succession?
Peter Hobb Jan 6, 2016
Tax advisory Succession and estate planning
RRSP Excess Contributions
Are you one of the many Canadians who have inadvertently overcontributed to their Registered Retirement Savings Plans? If so, you should be aware that excess RRSP contributions are subject to a penalty tax of one per cent per month of the excess contribution.
May 29, 2015
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