Articles & Resources
Rearranging Ownership
I’m sure you’ve heard of someone who decided to add their adult child’s name to a parcel of land, or bank account to “ease” the estate planning process and to “save probate fees”. There are pros and cons to taking this step – and it is so important to ensure that a statement of intention […]
Gift-Giving 101
One would think that it would be very simple to know whether someone had given you a gift. Not necessarily. It is amazing how easily there can be a difference of opinion on the topic. Consider the following example – Mom and Dad gave $100,000 to Child 1. Mom and Dad subsequently died, and Child […]
New year resolutions – making sure your estate planning is in order
As we enter into a new year many people turn their mind to those tasks that may have gotten pushed aside in the previous year. Making sure your estate plan is in place is one task that should be on your to do list for the new year. Putting together a plan for what will […]
Income considerations when determining support obligations for farmers
In Canada, when a spousal relationship breaks down, support obligations (whether child or spousal support) are largely driven by the payor’s income. Determination of income for support purposes can be a complicated calculation, especially when a farm is involved. Income of the parties for support purposes is determined pursuant to the Federal Child Support Guidelines. […]
Beneficial Tax Rules Still Exist – For Now
Most business owners have heard of the capital gains exemption. It allows farmers and other business owners to sell shares of their corporation, and farmland that has been actively farmed, without paying tax on capital gains of up to $1 million ($913,000 for non-farming businesses). This is a significant tax benefit, but: On June 29, […]
Transferring the Farm to the Kids – New Tax Rules
When business owners retire, they often look to sell their business. With farming, the new business owners are often one or more children. This has historically been a problem from a tax perspective. If the parents operate their business through a corporation, the sale of the business will usually proceed by selling the assets of […]