Smart farming: Robotics, succession planning, and tax strategies for Canadian farmers.

The Fall 2022 issue of Intelligent Farmer explores how smart farming technologies are transforming Canadian agriculture. From autonomous robots to data-driven decision-making, these innovations promise to tackle labor shortages, boost efficiency, and pave the way for a sustainable future.

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The Rise of Agricultural Robotics

• Haggarty AgRobotics is deploying car-sized robots that plant, weed, and monitor crops, reducing reliance on manual labor.
• Small farms are adopting these tools first, as robots act as a "third hand" for tasks like berry and fruit harvesting.
• Challenges remain, including rural internet infrastructure and the need for industry-wide collaboration to scale solutions.

Addressing Labor Shortages

• By 2025, one in four Canadian farmers will be over 65, exacerbating a labor gap of 120,000 workers.
• Smart farming technologies aim to fill this void, with automation handling tedious tasks and attracting new talent to the field.

Financial Strategies for Farm Succession

• Structuring farm businesses for the next generation requires clear goals and legal/tax planning (e.g., corporations, partnerships, trusts).
• Selling farmland strategically can minimize tax burdens by spreading gains over multiple years, preserving Old Age Security benefits.

The Road Ahead

• Innovation hubs in Southwestern Ontario are emerging to research, manufacture, and deploy smart farming technologies.
• Education initiatives, like the University of Guelph’s agricultural management course, are equipping farmers with business and financial skills.

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RBC Dominion Securities Inc. | Lorkovic DeKoning Wealth Management | www.lorkovicwealth.com