January can be a financially tough on the farm as the post-holiday crunch is a time of high expenses and tight income.
When it comes to budgeting for farm businesses, financial advisors say greater adaptability in managing variable income, carefully consideration of what constitutes a true farm expense and financial clarity can all go a long way.
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.
Experts say Canadians, including farmers, need to have a healthy dose of skepticism when it comes to who’s asking for personal information in phone calls, emails and text messages.