Description: This workshop is designed to present farmers who are looking at transitioning their operation to the next generation with a complete overview of options available to them by going through real-life scenarios. It is a full-day workshop that will be presented in conjunction with a lawyer and financial planner. All participants will leave with an exhaustive list of “top to bottom” questions to ask themselves to aid in every step of the farm succession process.
Who will benefit:
- Farmers who are looking at transitioning their operation to the next generation
- Farmers who are considering selling land and buildings
- Farmers who are looking towards retiring from farming, but don’t have the next generation taking over
- Parents looking to transition to the next generation and farming children considering taking over the farm operation
Participants will learn:
- In-depth information on what a retiring farmer needs to be aware of from an accounting and tax perspective with an overview of options that are available and their tax consequences
- Strategies to slowly bring children into the farm operation over time
- Gifting versus selling to the next generation
- How to deal with farm assets (land, inventory and equipment)
- Implications from an un-incorporated farm operation/from an incorporated farm operation
- Details of what the tax implications are when selling the farm operation to third parties.
- The options available to defer and reduce tax with proper planning
- How renting out land may affect the qualification of land for the Capital Gains Exemption
- How to deal with different asset sales such as (1) Land & Buildings, (2) Machinery & Equipment and (3) Inventory
- How the Capital Gains Exemption works
- When to sell to third parties
- Different options when dealing with next generation
- What qualifies for the exemption?
- Does using the exemption truly mean that the sale is tax-free?
- How to transition the farm with non-farming children as part of the process
- How to ensure that farm stays in the family with possible risk of divorce amongst children
- What are the various types of life insurance available and what role they each play in the farm succession plan
COST: $75+GST per registrant (includes lunch and light refreshments)
($50+GST for each additional registrant in your group)
WINNIPEG REGISTRATION DETAILS:
Call or email Jan at 204.269.7460 or firstname.lastname@example.org