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Why it's important to know the true value of your farm

Reference: FCC

Understanding the farm business value is useful for more than just sale situations. Financial experts say both general assessments and more in-depth business valuations are practical in multiple ways, including developing tax and transition plans.

Clearing-up discrepancies
Lise Deleurme, an accountant based in Notre-Dame-de-Lourdes, Man., says her experience shows most farmers and farm families have an accurate idea of what their farms are worth, whether or not they have actually totaled the numbers.

However, before making finance-related recommendations, on decisions like incorporation, gifting, bringing new people into the business, Deleurme generally works with her clients to put actual values to paper...Read More