| |
|
| |
|
People sometimes talk about family
farm succession like there’s just one
kind: a farm operation transitioning
from older parents to their children
and spouses who want to farm.
|
| |
|
That’s the reality for many, but what if
you don’t have family lined up to take
over? How will you plan for a financial
future once you stop farming?
|
| |
|
Brent DeKoning has helped many farm
families transition beyond agriculture
while protecting or growing financial
assets they earned during their
farming years.
|
| |
|
“Farmers are accustomed to investing
whatever capital is available back into
the farm,” says DeKoning, Associate
Advisor with RBC Dominion Securities
in Kitchener, Ont. “Once you look postfarming,
investing changes.”
|
| |
|
Should you sell assets when you stop
farming? Which assets, when and for
how much? What about the taxman? As
DeKoning sees it, all these questions
|
| |
|
|
|
should only be considered after
the biggest question in the room is
answered. That is, what kind of life do
you want?
|
| |
|
Canadian producers have their
hands full running increasingly large,
increasingly complex operations.
Often, it’s not easy to even think
about a post-farming life. This is why
DeKoning recommends that producers
start exploring the idea a full five
years before they intend to hang them
up. Many will also consider a legacy
to ultimately leave behind to family
members or charitable organizations.
|
| |
|
| |
|
We can figure out exactly what your
investments need to do, for you to have
the lifestyle you want,” says DeKoning.
“It needs to be well-structured from
a tax standpoint, yes, but the guiding
light is the life you want to live, and the
plan flows from that. Our role is to help
make it all happen.”
|
| |
- Brent DeKoning,
Associate Advisor, RBC Dominion Securities Inc.
|
| |
|
| |
|
|
| |
|
|
| |
|
| |
®/™®/™Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
NO PURCHASE NECESSARY. Contest is open to Agricultural Producers in Canada. Contest ends April 10, 2020 at 5:00 PM EDT. One prize available to be won (approx. value $50,000). Correct
answer to skill-testing question required. Complete Contest Rules available at rbc.com/feastinthefi eld.
RBC Royal Bank | Royal Bank of Canada | RBC Waterpark Place, 88 Queens Quay West, 12th Floor, Toronto, ON, M5J 0B8, Canada |
www.rbcroyalbank.com
|
| |
|
