GFM Network News

Darren and Carmen Sterling.

Selling the corporate farm

Darren and Carmen Sterling made the hard decision. 2019 would be their last crop. Then they would retire. But that’s when the real work began

Reading Time: 10 minutes When we talk about Canada’s aging farm owners, we generally talk about how best to pass the agricultural torch to sons and daughters or, more recently, about creative contortions to move the farm into the future with those who are not family — in short, succession planning. But is it still called succession when there […] Read more

Farmers who think leasing equipment will allow them a faster tax write-off may find the opposite to be true.

Lease or buy?

Accountant dispels the tax advantage myth of leasing

Reading Time: 5 minutes It’s been offered as accepted fact in more than a few coffee shop conversations that leasing equipment offers significant tax advantages to farmers. Talk to the sales staff at dealerships and you’ll likely hear them make the same claim. Even so, Lance Stockbrugger, a chartered accountant and cash crop producer from Saskatchewan, says the idea […] Read more

(Photo courtesy Canada Beef Inc.)

Greig: Federal tax backtracks aside, much of impact still unknown

Reading Time: 4 minutes The Canadian Association of Farm Advisors' annual tax update showcased confusion and frustration at the federal government's shifting plan to change how small business is taxed. "I was very, very offended by all of this," said Kurt Oelschlagel, of BDO Canada, who was part of a panel on the government changes at the CAFA event, […] Read more

Piggy Bank and canadian dollars close up shot

Stress tests for change

Here’s a quick way to keep your eye on your cash flow projections this summer to help you plan loan payments and expenses this fall

Reading Time: 4 minutes Knowing how to read and understand financial statements is one of the first steps in assessing financial risk, helping you track how you’re doing compared to previous years (or against sector averages), and how any changes may have an impact on your bank account. From a financial perspective, stress testing can be the ultimate proactive […] Read more

Top financial tools for farmers

January is a great time to review the financial tools that help you make the best decisions

Reading Time: 4 minutes For many of us, the new year is a time of reflection. It’s an opportunity to take stock of where you’ve been, where you are, and where you’re going, both personally and professionally. This is certainly important for farmers, as January is a good month for a detailed review of the administrative side of the[...]
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Control of the books doesn’t have to be a question that holds the farm back. Instead, it can help you tackle the big issues that will fit the farm for the years ahead — as long as it’s approached with honesty and foresight.

Who’s doing the books on your farm?

On your family farm, is it time to transfer the books from Mom to the next generation? These seven steps will help you put things right

Reading Time: 6 minutes Sometimes it’s a job that gets assigned by default. After all, how many farmers really want to volunteer for a job that involves sitting at a desk entering data, paying bills and sending out invoices? Sometimes, too, there can be an older generation that doesn’t want change. Managing the farm books is their last bastion[...]
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Sound accounting advice may help you make major donations with an affordable net cost to the farm.

Smart farm strategies for charitable giving

New tax laws and innovative financial strategies give you new ways to make donations with real impact

Reading Time: 5 minutes With fewer farmers facing an insatiable number of organizations needing time and money, the decision of how much to give to whom is getting tougher. What do you want your money to do? How much should you give and when? What are the tax benefits? For many farmers, there’s also the question of how best[...]
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man wearing baseball cap

Real-time financial management for farmers

Is it good, or too good to be true?

Reading Time: 5 minutes It sounds like a dream come true, placing current financial data at the fingertips of everyone involved in the farming enterprise so you can make better, more efficient on-the-spot decisions at critical crunch times. And it might not be a pipe dream any longer. “It’s just the way the world is working,” says Lance Stockbrugger,[...]
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Beyond a bank balance

What’s the right level of working capital for your farm? It probably isn’t what you think

Reading Time: 4 minutes Working capital can be a harsh indicator of liquidity. On a practical level, it tells you how much you’ll have on hand to buy operating inputs for next season. It’s your ability to get next year’s crop in the ground or to feed animals in the lot — before you need to tap into an[...]
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