One important tool in your farm succession toolbox is transferring land to your children on a “farm rollover” basis, either during life or at death. It’s pretty simple. But should you make two or more of your children co-owners of one parcel of land? How does this affect their future tax exposure?

Federal Budget 2022 has a couple of things relevant to family owned businesses and farms. One is an expansion of access to the low “small business deduction” tax rate on business and farm income of private corporations. Another is the announcement of a consultation process with Canadians before changes to the new “Bill C-208” rules (which are already law) are implemented.