farm corporations?

[LEP]

Also in terms of taxplanning, don't set things up in a company because your income is too high and then take a ridiculous amount like 35k personally.

I am early 50's and figure there is enough time before I retire in 20 years to take a decent amount of cash out of the company to pay for retirement.

Don't wait until you have 5 years left or something to deal with it. Keep on top of your estimated tax bill under various scenarios.

[tstep]

Been incorporated for more than a dozen years and at the time I thought it was crazy but it was the best thing I ever did. Wife and I are equal shareholders. Land is not in the company, only assets( grain, machinery). No grain deferring anymore. Off farm income is personal. Also set up a family trust account and you can juggle money with kids, while in school, to save tax. Started this late as kids were in post secondary but saved a lot of tax. If I'm still around we can do this with grandkids also. Incorporating is time a money well spent. Hope Trudo doesn't fk it up.