Cbc video on farm transfer

[GDR]

https://gem.cbc.ca/media/media/short-docs/episode-170/38e815a-011451e9a1e

Video is a bit slow but general idea is nice. Old single farmer helping a young couple take over his farm because he didnt have family that wanted too. Don't know why more guys don't try to make it happen. For some its just a business asset but for most a farm is everything.

[hobbyfrmr]

https://gem.cbc.ca/media/media/short-docs/episode-170/38e815a-011451e9a1e

Video is a bit slow but general idea is nice. Old single farmer helping a young couple take over his farm because he didnt have family that wanted too. Don't know why more guys don't try to make it happen. For some its just a business asset but for most a farm is everything.

Did they highlight the generational land transfer to Input Capital Corporation?
I lost track but it has to be around 20 million in their favour by now.

[grassfarmer]

https://gem.cbc.ca/media/media/short-docs/episode-170/38e815a-011451e9a1e

Video is a bit slow but general idea is nice. Old single farmer helping a young couple take over his farm because he didnt have family that wanted too. Don't know why more guys don't try to make it happen. For some its just a business asset but for most a farm is everything.

Resonates very much with me and it's a practice that will have to become more common with the ageing demographic on the farm.

[bucket]

You guys ever notice how one generation never takes the reigns?


Sometimes it goes from grandpa to grandson....or when grandpa retires so does the son and grandson...

[westernvicki]

I love fairy tales.

If you find someone like this drop me a line, I will help find a worthy recipient of the benevolence.

[ajl]

I am wondering if young Jon is paying Jim current inflated market value for his farm? It will take several generations then to pay for it and start making profits off of it.

[bucket]

I am wondering if young Jon is paying Jim current inflated market value for his farm? It will take several generations then to pay for it and start making profits off of it.

To some people it's not about money...if there is no generation and the old guy is comfortable. ...maybe he doesn't need millions...

[GDR]

To some people it's not about money...if there is no generation and the old guy is comfortable. ...maybe he doesn't need millions...

Agree, you cant take it with you, and by the time most are old enough to quit any non farming children are likely far enough along in life to not need a mighty inheritance. Instead of buying the old guy out if the young guy basically were to provide a living allowance for life of the older generation wouldn't that be good for everyone.

[grassfarmer]

I love fairy tales.

If you find someone like this drop me a line, I will help find a worthy recipient of the benevolence.

I know of several in progress actually. We are involved in it ourselves in a small way. Here is the article some were alluding to a while back on our story. Not to boast but to get more people thinking about a succession model I think is critical if we are to keep family farms alive on the prairie when the current generation need to transition out.
http://www.country-guide.ca/guide-business/the-way-it-happens/ http://https://www.country-guide.ca/guide-business/the-way-it-happens/

[farmaholic]

I got the warm fuzzy CBC feeling when I watched it last night, it must have been the liquor though!

Kinda a bit of a fantasy though, by far the exception not the rule. Bet it rarely ever happens.....BUT....

My buddy(a bachelor with two siblings and one niece) who died of brain cancer in April had 6 quarters of grain land, he sold one to the local BTO, sold 4 to his first cousin and willed the home quarter to some one completely "unrelated", not even a "lifetime" friend. People in the community are a little puzzled.

I respect his decision but don't understand it. His family, ESPECIALLY his sister, helped him alot since his diagnosis and deterioration. Even other people in the community stepped up and helped him stay in his own home as long as he could, which was up until the day before he died. So yes, "stranger" things have happened. This guy inherited a property probably worth about $600K+....

[jazz]

While I am sure there are exceptions, its unlikely this model will catch on. Imagine that farmers mindset. he has worked for 30+ yrs probably, seen a lot of shit, now his own family doesnt want anything to do with it. I highly doubt he is going to feel real generous at that time.

[westernvicki]

Love warm and fuzzy too, we all know folk who would love to farm but do not have land. Indeed they would treasure the gift beyond measure. Salutes to those who chose this route and to the families who support the legacy of those who chose to give this gift. My bet its complicated, always is when it comes to inheritance.

[jazz]

Love warm and fuzzy too, we all know folk who would love to farm but do not have land. Indeed they would treasure the gift beyond measure. Salutes to those who chose this route and to the families who support the legacy of those who chose to give this gift. My bet its complicated, always is when it comes to inheritance.

Be careful with this narrative that young farmers are so humble and virtuous. They work the other way too. I have seen personally the aw shucks type come in and want a little break only to turn into a tyrant later on. My dad fell for someone like this.

[pourfarmer]

In my opinion, Jim wants nothing more then to pass down hard won knowledge, and see himself, as he seen his father when he was first starting out. I feel like he thinks he earned that right after a life devoted to the farm.

[AlbertaFarmer5]

While I have made my disdain for any type of government meddling in private business very clear, this is one case where I could justify it.

If you take the position that rural areas, and the economy as a whole would be better off with more smaller family farms( and that is of course a debate all to itself...), then using the tax structure and incentives to encourage a retiring farmer, ( or any other business for that matter) to split up the operation and allow multiple players to buy smaller portions, rather than it all going to his own kids, or getting amalgamated into an even bigger neighbor could accomplish this.

Tax incentives such as being able to write off not only interest, but also principal on your first properties for any genuinely new farmer. And capital gains breaks for selling land in separate parcels to genuinely new farmers. Need a carrot and stick so perhaps renting your land out for decades instead of selling it and giving someone else a chance has big tax and capital gains implications.

This comes back to my assumption that inheritance/lineage doesn't guarantee that we always get the best person for the job. Just because your great grandpa worked really really hard, invested wisely, took the right risks at the right time and was a really good farmer, doesn't mean you also have those same qualities. There may be many others much better qualified and motivated, but they will never get the chance thanks to the inheritance model.

Let 10 young people make an attempt, instead of having it all go into one BTO's oepration, and perhaps 9 will fail and only one of the 10 will end up owning/farming it all after a decade anyways, but at least it will assure that the best candidate wins it fair and square.

Lots of complications ( a big farm in the fraser valley is different than the QuAppelle valley, no one size fits all definition), room for abuse etc.

BTO's aren't a big issue around here, and no sour g****s on my part, but this country is full of land that isn't producing even a small fraction of its potential, or doesn't even get farmed at all or rarely. And a common theme is the owners never payed a cent to acquire it, so have little motivation to make it pay for itself, meanwhile there are lots of young guys and girls who would kill for an opportunity to farm on any scale, but they rarely present themselves.