Friday Cocktail

[rumrocks]

Owning piles of depreciating plastic currency is overrated, you can't beat the feeling of walking on your own dirt.

[LEP]

We are 4 generations going on 5 and each generation tripled the previous ownership. Hard to see how my two will take us to that level.

First thing is don't let them feel pressure to triple your current size. You are able to comfortably draw an excellent wage and they can go along and wait for opportunities while running your existing operation.

Biggest risk to failing is taking too big of bites at a time.

[SASKFARMER]

Made it to the Cayman.

[fjlip]

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.

We won't run out, owning dirt and sons will in future, they can decide when we are gone.

$45 million, be crazy TAX, have a super accountant. Shame to hand half over to Turd and Company.

Remember the quote, after the sale your accountant says best investment/legacy is LAND? OOPS!

[SASKFARMER]

Land has done well!

[makar]

Land has done well!

I don't think even you could grow wheat on that.

[cropgrower]

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.

First think that came to my mind was how much tax would have to be payed ?

[shtferbrains]

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?

[makar]

First think that came to my mind was how much tax would have to be payed ?

Assuming SF has his land incorporated even if he retires rent is taxed at 48% making it senseless to own it.

[LEP]

Assuming SF has his land incorporated even if he retires rent is taxed at 48% making it senseless to own it.

If the kids are farming he can do a freeze and take just enough dividends to avoid an oas clawback for him and the Mrs. for the rest of their life.

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.