Farm Life: Harvesting the benefits from financial planning
In this business, managing risk and finances are just as vital as the decisions you make on the land. Making a financial plan for savings, cash flow and estate management will help you sleep easy after a long day’s work and help you make the most of your money.
Your farm is more than a place - it’s an identity. It’s a result of your family’s everyday effort and that’s something to be proud of. Whether you’re buying new land, selling a parcel or building a new property, look at your financing options. Farm life is busy. If you can’t make it into the branch, we’ll bring banking to you.
Starting up a new business or carrying on a family legacy isn't the final objective. In order for your business to thrive, you need to constantly re-examine your short and long-term goals and be prepared to make the changes necessary to expand. Finding ways to distribute and deliver your product to a larger customer base is one of many challenges you may face as your business grows. Luckily, you don’t have to do this alone. Take advantage of the loans and financing options available to you.
Every growing season offers a fresh start and promise. Managing risk is just as important as managing your crops. Take the first step towards adjusting to minor income shortfalls by setting up an AgriInvest savings account. This valuable savings tool offers financial support for investments that mitigate risk and increase market income. Each program year, you’ll receive a matching contribution from the federal and provincial governments.
Planning an estate isn't something exclusive to eccentric billionaires. Everyone should have some sort of estate plan in place to ensure their financial matters are resolved quickly and expediently, and that their family and loved ones lose as little as possible to taxation.
The most important part of an estate plan is a valid, up-to-date will. Only a will can ensure your wishes are fulfilled. The best and safest way to create one is to work with an expert, as many do-it-yourself will packages can leave details open to legal interpretation. Your will should be updated periodically and in consultation with your professional advisor, especially as you acquire new assets or have children. You should also be aware that if you marry, your existing will becomes invalid.
Distributing your estate is more complicated than simply dividing things among your heirs. You'll need to determine all of your assets from pensions, to investments, stocks and bonds, real estate and personal property. You'll also need to note which assets you own jointly as well as who the beneficiaries are for your Registered Retirement Savings Plan and insurance policies.
Looking for more information or financial advice? Talk to us.
Recommended For You
The Legal Stuff: