Originally posted by SASKFARMER
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Originally posted by shtferbrains View Post
What would you do with the money?
You probably won't run out of money without cashing it?
All you have to worry about is inflation and that's worse if you cash.
Land values might drop off but only matters if your selling.
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I read somewhere Bill Gates buys land to park money then borrows money to live on using the equity as collateral.
Gets a favorable rate and just pays the interest.
No tax because not income.
I know my accountant doesn’t like sharehoder loans more than a yr?
If not incorperated would that work?
Last edited by shtferbrains; Mar 8, 2024, 22:05.
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Originally posted by makar View Post
Assuming SF has his land incorporated even if he retires rent is taxed at 48% making it senseless to own it.
If both his boys are farming he just needs a good living. Plus the MNP treatment usually includes a family trust and a holding company to move the excess farm cash to keep farmco pure. Easy peezy.
Except SF3 needs to be able to retire on $182k family income.
It may not be the lifestyle he is accustomed to.
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Originally posted by Happytrails View PostBig outfit in my area selling lock, stock and barrel on richie's in a few days. 4 generations in making. That takes commitment.
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Happytrails are you referring to the farm coming up for sale in Youngstown or a different one? I watched a short promo video on that one, looked like there was 2 sons involved, I am guessing in their mid forties, as well as the father. I always wonder what inspires people to sell what has taken generations to build.
Probably as many reasons as there are farms.
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Probably as many reasons as there are farms. [/QUOTE]
I think farming more than ever is a huge JOB. So many skill sets needed. A few really dry years don't help either.
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Originally posted by SASKFARMER View PostOk isn't this look relaxing vs snow? Our timeshare condo in the Grand Cayman. Up to a month a year but we usually don't go and rent to relatives etc. I think we'll start flying further south in January eventually. 1.15 hour flight from Tampa.
In a different way this is really relaxing. Out for a morning snowshoe in the warm March sun.
No one around and complete silence.
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