The Quebec company billed as Canada’s largest producer of strawberry plants has picked up new ownership after nearly 70 years. Production Lareault, based on just over 450 acres at Lavaltrie, Que. — about 40 km northeast of Montreal, in the province’s Lanaudiere region — has been acquired by investors Antoine Casimir and Andrea Borodenko for […] Read more
Tag Archives succession
Major strawberry plant producer changes hands
New owners get funding to buy Lareault business
International farmers may ease Canadian human capital crunch
A global retirement crunch is coming and Canada is ill prepared, report says
As other nations reduce their agricultural footprints in an effort to boost sustainability, their loss could be Canada’s human capital gain, a new report suggests. “The immigration of scientists, data engineers, and entrepreneurs has been recognized as critical to Canada’s growth. A similar approach needs to be adopted to attract farmers,” the authors wrote. The […] Read more
Top transition tips for young farmers
How the next generation can help farm transition be successful
Transitioning management and ownership of a farm business from one generation to the next can present many challenges. While there are numerous resources to support farm founders in assessing their business and planning their transition into retirement, not many advise young farmers on how they should prepare. Elaine Froese, a farmer from southern Manitoba who […] Read more
Tory MP’s bill on farm transfer tax treatment moves ahead
Private member's bill now awaits Senate approval
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. […] Read more
Introspective estate planning for your farm
Focus on the people involved in farm succession, not just assets
Estate planning means knowing where financial and material assets will go after you die, but according to veteran financial strategist Chris Delaney, forgetting to prepare people to receive those assets can actually destroy long-accumulated wealth. Not accounting for one’s fears, and failing to reconcile emotion with rational action, can make things even worse. Why it […] Read more
Locking farmland in a trust ensures succession potential
Land won’t end up split off and sold to developers if it’s under a trust
The Ontario Farmland Trust can ensure that agricultural land retains that designation in perpetuity with a Farmland Easement Agreement, whether or not owners have a succession plan in place. The agreement – permanent and legally binding – is between the farm owner and the trust. It is registered on the title of the land, which […] Read more
The importance of meetings
Taking the step of getting together is a critical first move in happy succession
The need for better communication and holding proper meetings with advisers and family members were stressed as key factors to successful farm ownership transfers, at a recent farm transition meeting. Farm financial and legal experts gathered in London, Ont. recently for the Canadian Association of Farm Advisors’ Farm Transition Update. “I believe the business needs […] Read more
Planning for “What if”
Succession planning questions to ask and steps to take to start the conversation
Many farms think an unexpected change will never happen in their family. The premise is: “our family operation has nothing to worry about.” Few family operations survive unexpected changes to the business, such as changes due to a death, sudden illness, family or legal disputes, divorce, financial stress or loss of a key employee. Why […] Read more
Editorial: Putting the emphasis on family generational wealth
I’ve heard many speakers on farm succession. Most of them have good messages; some of them are exceptionally good at creating enthusiasm, and some have useful stories that make you squirm because you can see yourself in them. None have them have quite put things like Tom Deans, the keynote speaker on Day 1 of […] Read more
Accessing Ontario’s small business tax rate
Both passive and active income can change your tax rate, which can be a surprise for some farms
Farms are typically small businesses entitled to the small business tax rate each year. But farm finance experts say even relatively small farms can lose access to small business tax rates through several means. Why it matters: Under current rules, even small farms can lose access to small business tax rate in some circumstances. As […] Read more
Cyber-Savvy Farmer
