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June 19, 2019 |
| MAKING CENTS OF SUCCESSION | | | | | | | | | | | | | | | | |
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While a succession plan is still uncommon, a retirement plan is not. Sixty-nine per cent of survey respondents answered yes when asked if the farm’s current owner has a plan in place to fund retirement.
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The lack of financial support for young farmers is one of the barriers to transition planning. However, several organizations recently announced programs to help young farmers fund their futures
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In all provinces, except for Nova Scotia and Newfoundland and Labrador, average farmland values increased. Quebec experienced the highest increase, followed by Saskatchewan and Alberta. The rising cost of farmland squeezes margins but also increases the interest for ownership among family members.
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As the farming populations ages, having a succession plan is more important than ever, yet less than a third of farms in Canada have a plan in place. At MNP, our teams of succession professionals work closely with you to develop your TransitionSMART™ plan so you're well prepared to transition your business to the next generation and exit on your terms. Helping you every step of the way, we'll address each of the S.M.A.R.T. factors (Succession, Maximizing value, Asset and wealth management, Retirement needs and Taxes) with you, your family and stakeholders.
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What if the operation isn’t stable? How can succession be more accessible for upcoming farmers? We’ve collected a few of the comments left from the Ag Succession Survey dealing with financial, tax, and business barriers that come up during the farm transition process and posed them to family farm coach Elaine Froese.
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