New resources available for farm succession planning on Prince Edward Island
Farmers preparing for ownership transition can access new resources to help them plan for passing on their farm business.
The Step Toward the Future hub brings information and resources together in one place to help farmers think ahead, seek advice, and work through the decisions involved in succession. Producers can visit the hub to find upcoming workshops, access a free online succession-preparation course, and explore new planning tools and resources as they are added.
“Succession planning is vital for the continued sustainability and economic growth of our farming industry on Prince Edward Island,” said the Honourable Heath MacDonald, Minister of Agriculture and Agri-Food. “With many producers retiring in the years ahead, this new hub will provide the information and resources to help new and aspiring farmers step into the industry with confidence and success.”
“Supporting the next generation of farmers continues to be a priority for Prince Edward Island. A strong future for Island agriculture depends on great planning today, and this succession planning hub will be a valuable resource as people prepare for the future of their farms.”
- Agriculture Minister Hilton MacLennan.
Succession isn’t just the transfer of tasks, skills, or assets; it is also the transfer of leadership. Succession planning ensures a smooth transition from an outgoing farmer or older generation to the next generation. More than 40 per cent of Canadian farm operators will retire in the next decade. On Prince Edward Island, only 10.5 per cent of farmers have a written succession plan, according to the 2021 census. The Step Toward the Future hub provides farmers with a clear path forward to support generational farming on Prince Edward Island.
There will also be a series of information sessions this fall and next year to help guide farmers in their planning.
The first Next Generation Farm Succession Workshop will take place on November 28 and will feature Patti Durand, a certified Family Enterprise Advisor who has guided hundreds of Canadian farm business families through transition planning and decision making.
“In 2024, PEI’s agriculture and agri-food exports reached $1.05 billion, the highest in the province’s history,” said Minister MacLennan. “With thoughtful succession planning, that growth can continue, farmers can stay confident, and the next generation can be set up for success.”
Producers are encouraged to check the Step Toward the Future hub regularly for updates on workshops, a succession planning guidebook, supplementary tools, and other resources.
The Step Toward the Future hub is funded in part by the Sustainable Canadian Agricultural Partnership, 5-year, $3.5-billion investment by federal, provincial and territorial governments to strengthen competitiveness, innovation, and resiliency of Canada’s agriculture, agri‐food, and agri‐based products sector. This includes $1 billion in federal programs and activities and a $2.5-billion commitment that is cost-shared 60 per cent federally and 40 per cent provincially/territorially for programs that are designed and delivered by provinces and territories.
Media contact:
Katie Cudmore
Department of Agriculture
902-314-3996
[email protected]
Jennica Klassen
Director of Communications
Office of the Minister of Agriculture and Agri-Food
[email protected]
Media Relations
Agriculture and Agri-Food Canada
Ottawa, Ontario
613-773-7972
1-866-345-7972
[email protected]
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