Not Every Farmer Has A Bad Attitude ... JB

[furrowtickler]

Enough moisture now, but maybe not 15-20 years from now. What happens to your early harvests if BC and parts of AB continue to burn in dry, hot summers covering points east in weeks of smoke that delay crop growth/maturity?

That extra carbon kept yields 20% or so higher than they should have been given short rainfall in many areas .

[GDR]

Personally would prefer not to rent land but cant afford to buy it all. I think the farming community would be better off if somehow you weren't able to own land that you didnt farm. We pretty much all agree the investor type ownership is bad but i also think the retired guys should get out of the way and make room for the next generation. Ive seen lots of beautiful yards with decent buildings just disintegrate from lack of up keep and use that would have been a good start for new entrants to the industry. And if you aren't gonna farm again why not sell the land. ( I know its been a good investment the last few years but its gonna get sold by the kids anyhow in most cases)

[makar]

Anyone telling me my kids cant keep my land in the family can line up in the crosshairs right fing now. Take that bad atitude gdr

[farmaholic]

Anyone telling me my kids cant keep my land in the family can line up in the crosshairs right fing now. Take that bad atitude gdr

I was wondering when someone would speak up...

Types of land OWNERSHIP,

1-Bought to farm and make a living with.

2-Made a living with it and using it as rental income in retirement.

3-Inherited it through a farming family member(one or two generations ago) and not farming it.

4-Bought by an Investor for speculation, appreciation, income source, or having the tenant paying off the Investor's mortgage (a portion of it's value) through rental income.(happening right beside me!)

5-Inherited from an Investor.

Is any of the precedeing more worthy of owning Ag land than the others.

If you as an active farmer need to shave costs, I could care less how much skin you take off the backs of the last three types of owners...just my opinion.

[jazz]

And if you aren't gonna farm again why not sell the land.

What would you do with the money. There is no return in the bank, stocks are crazy and nobody retired wants a few million in there. So they just hang on to it. I don't blame them for a minute. Its a unique asset class that not everybody can own. And farmers can get capital gains exemptions upon sale while investors cant. Very few assets like that.

[farmaholic]

What would you do with the money. There is no return in the bank, stocks are crazy and nobody retired wants a few million in there. So they just hang on to it. I don't blame them for a minute. Its a unique asset class that not everybody can own. And farmers can get capital gains exemptions upon sale while investors cant. Very few assets like that.

There's some land not far from here that was bought by Germans in the early eighties, appreciation three to four times what they paid for it and they are entertaining selling it. My accountant says they are going to be paying huge taxes, "foreigners and never having farmed it". "I THINK" he also mentioned if the original owners die and when the beneficiaries get it they're taxed on it, something about no "roll-over" provision???? Can you imagine inheriting an asset with "inheritance taxes" due on it? I don't think or know if that applies to Canadian citizens but don't think so(YET). Richard5 do you know anything about that?

[GDR]

What would you do with the money. There is no return in the bank, stocks are crazy and nobody retired wants a few million in there. So they just hang on to it. I don't blame them for a minute. Its a unique asset class that not everybody can own. And farmers can get capital gains exemptions upon sale while investors cant. Very few assets like that.

Toally get the investment aspect and agree but also you might be able to be burried with the deed but not gonna do ya much good down there!

[farmaholic]

https://www.thecoastgroup.ca/faq/non-residents-renting-property-in-canada-2/ https://www.thecoastgroup.ca/faq/non-residents-renting-property-in-canada-2/

SOMETHING LIKE THE ABOVE ☝️👆

In that example the 55k in taxes on the 325K capital gain is about 17%....not horrible I guess, but if there's an equivalent inheritance tax owing...it would suck to have to pay that after inheriting the land!

DYODD...

[GDR]

Anyone telling me my kids cant keep my land in the family can line up in the crosshairs right fing now. Take that bad atitude gdr

I hope that your family does, I hope my kids will keep what I've worked for going as means a lot more than money to me. But what i see lots of times is as soon as the elders are passed or even just in a home the next gen is selling / developing / subdividing whatever way they can to maximize their inheritance.

I'm sure it's different in rural sk, but the closest farm to me this is going on and the family lawyer is suggesting to the family to subdivide a quarter into 40 lots which is the max for zoning.

So to turn that around if your children don't want to farm would you prefer a new farm generation to raise their family there or have your heirs sell it to Walmart for the newest store and parking lot?? Perhaps would not happen in your case but lots of people change their tune when they see the money carrot in front of them.

[Oliver88]

https://www.thecoastgroup.ca/faq/non-residents-renting-property-in-canada-2/ https://www.thecoastgroup.ca/faq/non-residents-renting-property-in-canada-2/

SOMETHING LIKE THE ABOVE ☝️👆

In that example the 55k in taxes on the 325K capital gain in about 17%....not horrible I guess, but if there's an equivalent inheritance tax owing...it would suck to have to pay that after inheriting the land!

DYODD...

Farma, the link is for non-residents. Likely this BC company has a lot of Chinese investors.

If your children or grandchildren are still Canadian citizens shouldn’t a 400k land sale be capital gains tax free if you haven’t used up your limit?