Cultivating Business The official publication of the Canadian Association of Farm Advisors 2023-24 Canada Post Mail Publications Agreement Number: 40609661 With Compliments Of: CAFA: The Most Trusted Advisors in CanadaListen, learn, network and grow! Call Iris Meck for details: (403) 686-8407 • AdvancingWomenConference.ca/2024west If you are a woman in farm operations, an entrepreneur in ag and food, a student, or working in agri-business, join us at AWC! AWC WEST 2024 March 17, 18 & 19, 2024 at the Hyatt Regency, Calgary, Alberta AWC EAST 2024 November 17, 18 & 19, 2024 at the Sheraton Fallsview, Niagara Falls, Ontario Hear expert speakers that will motivate and inspire, and network with women passionate about ag. § Learn new skills to help you excel § Manage your well-being and build resiliency § Nurture and grow your passions § Meet, network and support other women Stay informed. Be inspired. Get growing.3 CAFA INSIDERS 05View from the Chair 06Executive Director’s Message 08Advice from CAFA’s Board of Directors Cultivating Business contents Published By: Matrix Group Publishing Inc. Return all undeliverable addresses to: 309 Youville Street Winnipeg, Manitoba R2H 2S9 Toll-Free: (866) 999-1299 Toll-Free Fax: (866) 244-2544 www.matrixgroupinc.net Canada Post Mail Publications Agreement Number: 40609661 President & CEO Jack Andress Operations Manager Shoshana Weinberg sweinberg@matrixgroupinc.net Senior Publisher Jessica Potter publishing@matrixgroupinc.net Editor-in-Chief Shannon Savory ssavory@matrixgroupinc.net Editors/Social Media Manager Jenna Collignon, Kaitlin Vitt, Paul Adair Finance/Administration Lloyd Weinberg, Nathan Redekop accounting@matrixgroupinc.net Director of Circulation & Distribution Lloyd Weinberg distribution@matrixgroupinc.net Sales Manager – Winnipeg Neil Gottfred Sales Manager – Hamilton Jeff Cash Matrix Group Publishing Inc. Account Executives Colleen Bell, Rob Gibson, Jim Hamilton, Scott Hendren, Touhid Khan, Frank Kenyeres, Sandra Kirby, Cheryl Klassen, Charlie Langsford, Andrew Lee, Brian MacIntyre, Shaun Minett, Caitlin Nakamura, Vlada Radchenko, Wilma Gray-Rose, Luke Stevens Advertising Design James Robinson Layout & Design Travis Bevan ©2023-24 Matrix Group Publishing Inc. All rights reserved. Contents may not be reproduced by any means, in whole or in part, without the prior written permission of the publisher. The opinions expressed in this publication are not necessarily those of Matrix Group Publishing Inc. Printed in Canada. FEATURES 10Determining What’s Important 11Acting on Income Tax Act Amendments 13Navigating the Transition In 14Passion, Purpose, and Planning CAFA MEMBERS: 2023-24 16Join CAFA Today! 172023-24 Canadian Farm Advisors Resource Guide 35INDEX TO ADVERTISERS Cultivating Business Published For: Canadian Association of Farm Advisors Box 270 Seven Sisters Falls, Manitoba R0E 1Y0 Toll free: (877) 474-2871 Direct: (204) 348-3578 Cell: (204) 340-2500 Email: info@cafanet.ca CAFA’S NATIONAL BOARD OF DIRECTORS Catherine McCorquodale M.Sc., LL.B. - CHAIR Monteith Ritsma Phillips Stratford, Ontario Shannon Lueke, B.Mgt., P.Ag., CAFA - VICE CHAIR Partner and Farm Management Consultant, MNP LLP Humboldt, Saskatchewan Thomas Blonde, B.Sc., CPA, CA, CAFA - TREASURER Partner, Baker Tilly GWD London, Ontario Danielle Wildfong, B.Comm., FEA, CAFA - SECRETARY Dani Wildfong Coaching Saskatoon, Saskatchewan James Fehr, B.Sc., P.Ag., CAFA RBC Vice President, Commercial Financial Services Winnipeg, Manitoba Rick Gendemann, CPA, CA, CAFA Partner, Manning Elliott, Accountants & Business Advisors Abbotsford, British Columbia Kim Gerencser, BAFS, CFP, CAFA Management Consultant to Successful Ag Producers Regina, Saskatchewan Ryan Parker, B.Comm., AACI, P.App., P.Ag., CAFA - PAST CHAIR Partner, Valco Consultants London, Ontario Craig Swistun, CIM, RGD, MFA-P, CAFA Portfolio Manager, Lexicon Financial Group at Raymond James Investment Counsel Toronto, Ontario4 The Canadian Association of Farm Advisors5 View from the Chair A s the newly elected Chair of the CAFA Board of Dir- ectors, I am excited to embark on a year of change for CAFA and our members. First, thank you to Ryan Parker for his leadership as Chair for the past two years. Ryan navigated the bumpy ride of a post-pandemic world and CAFA’s return to in-person events. If attendance at the fall Farm Tax and Legal Update was an example of things to come, the future is bright! The biggest change members will notice over the next year is the retirement of our esteemed Executive Director, Liz Rob- ertson. On behalf of the Board and our members, I would like to thank Liz for her dedication to our organization. Did you know Liz is the only Executive Director CAFA has had? She has worked tirelessly to organize conferences, keep the Board on track, and nurture connections and relationships between members and farmers across the country. We wish Liz all the best in her re- tirement, starting summer 2024. The search for a new Executive Director will commence in the new year, and we will do our best to capture all of Liz’s knowledge before she goes! Our role as agricultural advisors is critical to the advancement of agriculture in Canada. The increasing complexity of farm busi- ness structures necessitates strong professional advice, as does managing the increasing amount of risk farmers face daily, such as higher interest rates, changing weather patterns, or compe- tition in the labour market. Being a CAFA member provides a ringside seat to learn from the best in the industry. Whether it’s at a local chapter meeting or a national conference, being a CAFA member puts you a step ahead of your peers. Farm family transitions are also becoming more involved. The balance of non-farming children, high asset values, and CURRENT and CONNECTED Membership in CAFA puts you in the company of some of the best farm advisors in Canada. CAFA is Canada’s only national network of farm advisors. Imagine what you can learn! For more membership information go to page 16 or visit https://www.cafanet.ca. Being a CAFA member provides a ringside seat to learn from the best in the industry. Whether it’s at a local chapter meeting or a national conference, being a CAFA member puts you a step ahead of your peers. ever-changing tax rules make our guidance and advice crucial to setting them up for success. Our fellow CAFA members provide a great network of resources, so please reach out and collaborate or make a referral. This is the beauty of a national organization — someone is likely to know the answer! I encourage everyone to bring a colleague to a local chapter meeting or a conference and share the CAFA experience with new people. As with many organizations, the addition of new members is critical to the sustainability of CAFA. As a Board, we would love to see an influx of new members and ideas carry us forward. As always, if you have any suggestions, comments, or ideas please reach out to a Board member. We want to make CAFA the best it can be for the members. All the best in 2024. Catherine McCorquodale National Chair Moving Forward Together6 The Canadian Association of Farm Advisors T his is it folks: my last contribution to our Cultivating Business magazine, as I am retiring from CAFA at the end of June 2024. Being CAFA’s Executive Director for the past 20 years has been quite an experience. I have learned an incredible amount, seen a lot of Canada, and, most importantly, met some exceptional people along the way, who I will miss very much! Donna Hastings, formerly with Manitoba Agriculture, and Howard Morry, a partner at Pitblado Law, started CAFA in 2000 (federally incorporated in 2001 as a non-profit) as a way for farm advisors to have a forum to increase their farm-fo- cused skills and knowledge and build inter-disciplinary teams. I joined CAFA in 2003 for member support and to help grow the organization. When Donna moved to the United States around 2005 with her family, I became CAFA’s Executive Director. CAFA is very much a novel farm association in Canada in that we are not government funded, and farmers are not our primary audience. We are instead a member-funded associ- ation for advisors who provide services and guidance to farm families and businesses (and many members come from a farm or still farm). And the need for CAFA advisors is only going to grow. When talking with prospective members about CAFA, I explain that CAFA is a simple concept: we provide ongoing educational opportunities (speakers, seminars, field trips, other members) and foster an environment for advisors to identify others who will enhance the services they are provid- ing to their farm clients. Most folks I talk to get it — it’s what you know and knowing the right people. So, after 20 years, what are my key takeaways? Keep learning. This isn’t an option: things are changing so quickly that if you take a pause in learning, you’re already behind. You must continue to work on your professional de- velopment to maintain your licensing and SRO credentials, and, as a farm advisor, you can rely on CAFA chapter meet- ings, provincial and national events, and each other to keep adding to your specialized farm-focused skills. As Eric Hoffer writes in the book The True Believer, “In times of change, learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists,” Keep networking. Networking has proven its value con- sistently over the last 20 years, so much so that I believe your network is your success, not just personally but also pro- fessionally. Networks are dynamic — folks change careers, move, die, and so on — so ensure your network always has fresh opportunities. While the internet, newsletters, blogs, and written resour- ces are valuable sources of information, there’s a unique Stay Current and Connected Executive Director’s Message CAFA insiders Denise Filipchuck is a Farm Management Consultant and Coach, a Certified Financial Planner (CFP), a Certified Workplace Mediator, a member and Park- land Chapter Chair of the Canadian Association of Farm Advisors (CAFA), and a past Farm Debt Mediation Service Financial Expert. James Mitchell earned a master of arts in conflict analy- sis and management and holds designa- tions as a Chartered Mediator and Cer- tified Management Consultant. He assists farm families and other clients in building effective and sustainable business arrangements and relationships. Jennifer McArthur is a partner at Ward and Uptigrove Char- tered Professional Accountants in Listowel, Ontario. Jennifer works al- most exclusively with primary producers in midwestern Ontario and loves being able to help her agricul- ture clients succeed. Ashka Wirk and James Grieve are Certified Manage- ment Consultants and the creators of SuccessionReady. They can be reached at info@succession- ready.ca. Learn more at www.Succession- Ready.ca.7 depth and richness in face-to-face interactions with people who possess extensive training, expertise, and experience. These personal conversations can provide insights and per- spectives that are often difficult to find elsewhere. CAFA members are also willing to share their unique in- sights. Networking opportunities like these can facilitate knowledge exchange and help members broaden their under- standing of farm planning. It’s also essential to acknowledge that everyone you meet knows something that you don’t and the collective wisdom of a diverse network can be a powerful asset for personal and professional growth. The importance of face-to-face interactions and the value of networks for knowledge sharing and resource access re- quire personal engagement and meaningful connections with others. Over the years, there have been many volunteer directors, chapter chairs, speakers, and members who have helped with CAFA’s vision, growth, and success. Thank you to every one of you. Naturally, there is some sadness in closing this 20-year CAFA chapter, but it is time for me to move on. I have a won- derful husband and am the proud grandmother of four grand- children, and I look forward to spending more time with all of them. There are also several creative interests I would like to pursue. It is time for a change of guard at CAFA, a chance to get some fresh perspectives and ideas. Please continue to support your local CAFA chapter and the provincial and national events. Together, you can keep learning and keep networking. I believe that every member of CAFA truly wants to improve as an advisor and be a positive influence for their farm clients. They rely on you for guidance. You provide immense value to your clients and their families, and your influence may impact generations of farm families. Deliver your best. Liz Robertson, M.A. Executive Director Connect with CAFA Website: https://cafanet.ca Email: info@cafanet.ca Twitter: https://twitter.com/CAFANET LinkedIn: https://www.linkedin.com/ groups/3443736/8 The Canadian Association of Farm Advisors Rick Gendemann, CPA, CA, CAFA Partner, Manning Elliott, Accountants & Business Advisors Abbotsford, British Columbia As an advisor to the agriculture in- dustry, being a member of CAFA offers many benefits. Some of the most notable benefits include access to a network of experts servicing the agriculture industry that you can tap into locally and across the coun- try and having access to proprietary industry information, articles, and seminars to assist you in your advisory role with agriculture clients. The member advisors of CAFA have extensive background and expertise in delivery of advisory services to their clients, and we offer support and guidance to one another to deal with the various issues we encounter. Thomas Blonde, B.Sc., CPA, CA, CAFA Partner, Baker Tilly GWD London, Ontario The primary reason to be a CAFA member is to be able to gain access to an incredible network of progressive like-minded farm business advisors across the nation. The importance of CAFA for members and farm families and businesses is to facilitate the sharing of knowledge among farm professionals so they can offer the best possible advice to support the agriculture industry now and into the future. Kim Gerencser, BAFS, CFP, CAFA Management Consultant to Successful Ag Producers Regina, Saskatchewan When I have a client with a need that I cannot fulfil, the first place I look to make a referral is my CAFA network. My CAFA colleagues have shown a commitment to, and a knowledge of, the agriculture industry that others have not. That gives me confidence that my CAFA colleagues will serve my clients well. Being a part of CAFA demonstrates a commitment to agriculture and the betterment of the industry. James Fehr, B.Sc., P.Ag., CAFA RBC Vice President, Commercial Financial Services Winnipeg, Manitoba Leadership provides challenge to improve, support to keep going, tension for change, direction for the future, and celebrates success. By receiving effective advisory services from professionals at CAFA and applying them, your business will thrive and your community will prosper. Shannon Lueke, B.Mgt., P.Ag., CAFA Partner and Farm Management Consultant, MNP LLP Humboldt, Saskatchewan As an advisor, the primary reason to be a CAFA member is to support the organization’s vision of continually providing skills and knowledge to advisors in the industry and to support the multi-disciplinary spectrum of the agriculture industry as it attempts to support primary producers across the industry. Without the volume and diversity of the membership, CAFA could not execute its mission. The benefit to the members is the access to a vast network of qualified advisors to collab- orate with and learn from so we can better service primary producers in the agriculture industry. When producers can reach their goals, we as advisors reach our goals. Catherine McCorquodale, M.Sc., LL.B, CAFA Monteith Ritsma Phillips LLP Stratford, Ontario Being a CAFA member opens doors for career and personal growth. The networking and connections you make at CAFA events, whether it’s a national conference or local chapter meeting, provide you and your clients with an abun- dance of resources. Farming has become more complex on all levels, and having a strong group of advisors allows farm- ers to focus on farming and building a business that sets the next generation up for success. What is the primary reason to be a CAFA member? What is the importance of CAFA for members and for Canada’s farm families and businesses? Advice from CAFA’s Board of Directors9 Craig Swistun, CIM, RGD, MFA-P, CAFA Portfolio Manager, Lexicon Financial Group at Raymond James Investment Counsel Toronto, Ontario Being a member of CAFA creates a fertile environment that fosters ongoing learning and pro- fessional development. Additionally, it gives members the opportunity to meet, network, and learn from other profes- sionals who work with farms and farm families. Ryan Parker, B.Comm., AACI, P.App., P.Ag., CAFA Partner, Valco Consultants London, Ontario CAFA is the only organization in Can- ada that prioritizes the enrichment of farm advisors for the sole goal of provid- ing the best possible advice for Canadian farmers. The ad- visors actively involved in CAFA strive to better their craft as they continually take on the new challenges that our produ- cers face on a daily basis. The specific focus of many CAFA advisors on succession planning is crucial to the viability of the agricultural sector for future generations. As part of the CAFA network, I have benefited from being part of the team on many producer files, and I am extremely thankful to those advisors and producers for involving me. Danielle Wildfong, B.Comm., FEA, CAFA Dani Wildfong Coaching Saskatoon, Saskatchewan Your decision to join an educational association must align with your goals for development. As a young profes- sional, the biggest value to me is the access to a growing network of dedicated advisors that offer guidance, support, and diverse perspectives when looking at farm business challenges. The benefit Canadian farm businesses receive working with a committed CAFA member is the ever-evolving and quality advice because of the collaborative approach our members take to knowledge sharing. Some of the best advice was to talk to as many advisors as you can to get different perspectives as you make farm plans. Every single person will leave you with a new way of looking at the situa- tion that will help you solve what’s best for you. I know that being a member of CAFA allows me to surround myself with these new and diverse perspectives, which shifts the way I think about my customers’ problems and how to solve them. Get Behind-the-Scenes, Members-only Access to videos from past CAFA educational development events. This is ONLY available to members so join now! Members! https://cafanet.ca/cafa%20directors Learn more about our Board of Directors at: Don’t miss CAFA’s 10th Annual Farm Tax and Legal Update October 10, 2024 Elora, Ontario, and live streamed For more information, visit https://cafanet.ca/ev_calendar_day. asp?date=10/10/2024&eventid=226Next >