There are hundreds of ways to spend money on the farm, from investing in new technology to painting the shop. Farms are long-term businesses, and reinvesting profits keeps them productive. But off-farm investments are also important.
“Taking money out of a farm corporation and investing off-farm is a perfect strategy for building your farm transition plan,” says Lance Stockbrugger, CPA CA and a Saskatchewan farmer. Stockbrugger recommends taking a disciplined, long-term approach to off-farm investments.
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