At Farming Families, we work exclusively with farmers, ranchers, and their families. That’s because over the last twenty years we’ve noticed a huge change in the agriculture industry in Alberta that has lead to growing challenges for both new farmers and older, retiring farmers alike. This change is the cost of land.
Young Farmers are eager to begin. Many of them were raised on a farm, and they understand that farming isn’t just a job but a calling. However, land simply isn’t affordable like it was for the previous generations. That means these young farmers are left without access to land. They have to choose between renting or investing in land that is often priced above it’s productive potential. It can be extremely frustrating to want to gain your independence and begin farming when the challenge of affording land is so great.
Retiring Farmers on the other hand don’t have it much better. They’re getting ready to retire and want to maximize the value of their land, but there are huge tax liabilities and complications that can seem impossible to navigate. This is made even more challenging because Alberta farmers are proud and highly value their independence. Many of them don’t want to seek help with the taxes, so they just keep farming. Many farming families have a long legacy as well, and they want to see their land continue to be used for agriculture. Because young farmers are having difficulty affording new land and only 20% of farm kids are taking over the family farm, this can be a challenging goal to see through.
Farming Families works to help farmers overcome these issues. Because we’re a single location that brings together legal knowledge, accounting, and agriculture-focused real estate, we have all the necessary branches of expertise to bring the retiring farmer and the new farmer together.
Sometimes this involves explaining how farm land inheritance works and how land can be passed on to the next generation tax free. Other times it’s about finding a private investor who is interesting in owning land and wants to work with a young farmer as a partner. Many wealthy Albertans are realizing what a great investment Alberta farmland is, and they are looking for young farmers to work with and invest in.
Farming Families is where private investors, young farmers, and retirees can discover their priorities and work with our team to achieve their goals. Call us today at (403) 277-2605.