Merle Good provided attendees with a great deal of food for thought.
Merle, a Taxation and Business Specialist, explained business structure options and taxation strategies available for succession planning. He also identified and discussed the top six issues facing Dairy Farmers when planning for succession. A great deal of the discussion centered around Quota – from its definition to some rules of the Income Tax Act specific to Quota. Merle highlighted several methods of income allocation and different ways for farmers to structure their businesses. Merle’s information was valuable for all generations of farmers, he certainly let attendees know the types of questions they should be asking themselves in order to make good decisions related to planning for succession and for their businesses.