Farm Tax and Succession Planning: Important Challenges in Family Farm Transitions
In this session, you will learn about farm succession and the predictable difficulties families must overcome to successfully transition their farm to the next generation. We will discuss both practical and tax considerations, including: family first versus farm first orientation, growth technology investment versus dividends, maintaining fairness, gender bias, perceived favouritism, differences in values, addictions, preparing the next generation, deciding how much is enough, status and the importance of purposes, meaning and legacy. We will also outline two tax planning tools that help farming families transition the farm to the next generation: the capital gains exemption and the intergenerational rollover.
Bios: Myron Uhryn
A born-and-raised Albertan, Myron fills his cup by helping you gain confidence in your investments. He brings over 30 years of experience to Edmonton and the surrounding area. Steeped in the complexities of wealth management, Myron is passionate about helping small to medium-sized Alberta business owners with business transitions, including succession planning, exit strategy planning and estate planning. As a family-focused entrepreneur, he understands the unique challenges involved in family businesses and is driven to help others find strengths, overcome obstacles and integrate business interests with family interests.
A self-proclaimed life-long learner, Myron is constantly reading about business, economics and wealth to stay at the top of his game.
Josh is a tax lawyer working in-house with ATB Wealth. Before joining ATB, he worked with a full-service law firm in Calgary, providing tax planning advice for business owners and entrepreneurs. In this role, Josh advised clients in a broad range of industries on business structuring, exit planning, and transitioning businesses to the next generation tax-efficiently. Since joining ATB, Josh has toured Alberta, presenting seminars on tax and succession planning for family farms. He holds a Juris Doctor degree from the University of Toronto and a Bachelor of Commerce from the University of Alberta.