Agriculture has experienced enormous asset appreciation over the past two decades, particularly in farmland. But as this conversation explores, high asset values do not automatically translate into financial flexibility.

In this special Growing the Future Productions live panel, host Dan Aberhart speaks with:

Larry Scammell – Corporate finance and investment strategy, KOHR Wealth

Shayne Shepherd – Capital raising and wealth preservation, KOHR Wealth

Ryan Hillstead, CPA, CGA – Accounting and tax advisory

Kelly Caruk, J.D., TEP – Tax lawyer specializing in insurance and estate planning

Together they unpack the role that life insurance can play as a long-term balance sheet tool for farm families, especially when succession, taxation, and liquidity become critical.

Kelly Caruk explains that insurance occupies a unique position in the Canadian tax system, noting that unlike traditional investments, the growth inside a life insurance policy can occur on a tax-deferred basis, with proceeds often paid out tax-free on death.

That structure creates planning opportunities for entrepreneurs and farm businesses, including the potential for capital dividends to shareholders when proceeds are received by a corporation.

The panel emphasizes that life insurance is not simply a product to purchase, but a planning tool that must be integrated with accountants, lawyers, and other advisors in order to properly structure solutions around succession, tax exposure, and family objectives.

A key theme throughout the discussion is that the purpose of life insurance is not merely to provide cash at death, but to solve financial problems that arise from the success of a farm business — including the ability to equalize non-farming heirs, protect accumulated earnings, and allow the farm to continue to the next generation.

As the panel explores, modern farm businesses increasingly require intentional capital structure, not simply asset appreciation.

Why many farm balance sheets appear strong but remain illiquid

How life insurance policies accumulate tax-deferred cash value

The concept of insurance as an asset class

Why succession planning is becoming more complex for farm families

How capital dividend accounts allow tax-efficient distribution of insurance proceeds

The role of collaboration between lawyers, accountants, and advisors

00:00 — Welcome to Growing the Future Productions

Larry Scammell

Shayne Shepherd

Ryan Hillstead, CPA, CGA

Kelly Caruk, J.D., TEP

Register for the Convergence Conference at convergence.ag and stay updated by subscribing to the Growing the Future Podcast at growingthefuturepodcast.ca.