Farms Not Prepared For TransitionMay 12, 2017 6:00am
The 2016 Census of Agriculture points to a lack of succession planning.
Despite the rising age of Canadian farmers, the census confirms few farms are prepared to properly transition their farm to the next generation.
Only 8.4% of Canadian farms report having a written succession plan, compared to 16.3% of family and non-family corporations.
However, despite the trends, the census showcased, for the first time in years, a growth in young operators on the farm. Farm operators under 35 years old grew by over 700 in 2016, marking the first increase since 1991.
The fastest growing group of farm operators is 55 years and older, with 55 being the average age.