Overview
The OFA strongly encourages its members to proactively put into place a succession plan that reflects the best interest of the involved parties.
Succession planning is not a one-size fits all model. Whether the ultimate outcome involves a transition to next-generation family members or to a new owner altogether, the process of transition or succession planning is one that takes careful thought and effort from both the incoming and outgoing owners.
OFA’s mission statement is Farms and Food Forever. Succession planning is a crucial step to ensure every farm’s longevity and food sovereignty for our province. In Canada, 98% of farms are family owned and operated. Statistics point to a potential of up to 40% of farmers retiring by 2033 with approximately 66 per cent of farmers not prepared for succession with no plan in place. These statistics are staggering and further emphasizes the importance of having a succession plan organized to ensure Ontario farmers can continue to produce food, fibre, fuel and flowers for future generations.
We understand that in most cases, farm business transition often involves the family home and an agricultural legacy dating back multiple generations. The emotional stakes are high and oftentimes several branches of the family tree are involved. But it’s important to have the discussion and keep the lines of communication open. Farm succession isn’t a one-time conversation—it’s an ongoing process.
As your general farm organization, we have resources to assist and support you through this process.
Farm Life
OFA is working to help members start the difficult conversation through a partnership with Farm Life, beginning with a complimentary consultation. Farm Life works with farm families to provide options for transition to achieve lifestyle goals, minimize tax liabilities, and provide fairness for non-farming children. They understand the current tax rules and bring options to farm families to keep the farm in the family for future generations.
Farm succession isn’t a one-time conversation—it’s an ongoing process.
Click here for more information about Farm Life and the benefits they provide OFA members.
Farm Life Webinar – Financial Literacy and Farm Succession Planning
This education session, presented in partnership with Farm Life, focuses on family harmony, tax advantages, and reaching goals of both generations, these seminars will leave attendees with a deeper understanding of how to transition the family farm while being fair to all family members.
This workshop is most suitable for:
- Multi-generation farm families looking for succession planning tools and support
- Concerns about taxation with rise in farm value
- Families concerned about maintaining family harmony throughout the succession process
- Incorporated or considering incorporation
Did you miss the webinar? Watch the presentation on OFA’s YouTube channel here.
Starting and growing your farm: Resources for young, new, and beginning farmers
Link to fact sheet: https://ofa.on.ca/resources/starting-and-growing-your-farm-resources-for-young-new-and-beginning-farmers/