{"id":98776,"date":"2026-08-24T15:58:54","date_gmt":"2026-08-24T19:58:54","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&p=98776"},"modified":"2026-08-24T15:58:55","modified_gmt":"2026-08-24T19:58:55","slug":"banking-on-the-farm-financial-planning-for-canadian-farms","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/banking-on-the-farm-financial-planning-for-canadian-farms\/","title":{"rendered":"Banking on the Farm: Financial Planning for Canadian Farms"},"content":{"rendered":"\n
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Originally from Assiniboia, Saskatchewan, Janet Heatcoat worked for RBC as a Senior Relationship Manager in their agricultural lending division for over 25 years, before retiring in March 2025. Perhaps even more impressively, she\u2019s worked with multiple generations on the same farms and still serves many of the same clients she started her career with.<\/p>\n\n\n\n

Additionally, she and her husband continue to maintain a thriving grain farm in Assiniboia. Her clients appreciate her comprehensive understanding of agriculture and their operational needs, \u201cFor me, it\u2019s personal. I grew up hauling grain and working with cattle, it was my first love. I\u2019m also a farmer from this area, so I feel for my clients when they have a problem and I think they know that.\u201d, says Heatcoat.<\/p>\n\n\n\n

When asked to describe her role, she likens it to being a quarterback and executing plays. \u201cIt\u2019s about finding out what my clients want their farms to become and helping them achieve that. In the back of their minds, they know where they are with their cashflow, but they want the reassurance of an expert to know what they can afford and when they can afford it.\u201d<\/p>\n\n\n\n

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Read more: 5 Global Forces Driving Canadian Agriculture in 2026<\/a><\/p>\n<\/div>\n\n\n\n

Janet\u2019s advice on financial planning for your farm<\/h2>\n

When it comes to acquiring assets, expanding operations, loan management, or just good old fashioned farming advice, Janet says there\u2019s a few common pitfalls and things that producers need to keep in mind.<\/p>\n

1. Don\u2019t become cash strapped<\/h3>\n

Be cautious when purchasing hard assets. With the high price of ongoing farm maintenance, new machinery, building materials, land and other inputs, it\u2019s not a bad idea to take out loans occasionally. Not only does it give you a little breathing room, but it also helps maintain a positive operational cashflow to cover any unexpected expenses or emergencies. There\u2019s nothing preventing you from structuring these loans to pay them off earlier, but it\u2019s important not to hamstring yourself by locking up operational cashflow.<\/p>\n

2. Expansion is not always the solution<\/h3>\n

Farmers often have a hard time hearing it, but bigger isn\u2019t always better. Grow slow and carefully consider when you should expand operations by discussing it with your financial planning team to make sure it is realistic. Taking on more than you can handle or expanding at the wrong time can have disastrous results. Sometimes you have to focus on doing a better job of the things you\u2019re already working on to improve your operation, versus thinking expansion can solve your problems.<\/p>\n\n\n\n

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Read more: Future Proof Your Farm \u2013 Plan and Prepare for the Unexpected<\/a><\/p>\n<\/div>\n\n\n\n

3. Use land to amortize loans over time<\/h3>\n

Farmers can sometimes be overly anxious about paying off their land loans quickly, but the reality is the land isn\u2019t going anywhere. As a hard asset, land has the potential to maintain its value when managed sustainably. Proper land stewardship, including responsible soil management practices, helps preserve soil health and productivity over time. The equity you continue to build in your land can solidify your financial standing and provide additional financial flexibility and leverage for the future.<\/p>\n

4. Be innovative<\/h3>\n

Be just as innovative with your finances as you are with your operation. Just like you would go to tradeshows to learn about new innovations or research new farm technologies to help increase your operational efficiency, it pays to stay on top of the latest trends in farm finance. There are so many financial vehicles and services offered at RBC that can make farm finances so much easier. When your financial planning team knows exactly what you want, we can find the right tool for you or tailor a solution to your needs.<\/p>\n

\u201cMy favourite part of the job is talking to clients. Knowing they\u2019re happy and doing what they love to do, watching them grow and being part of that success is a big win for me.\u201d<\/p>\n

Over the years she has enjoyed a wealth of client success but says if there\u2019s one accomplishment that stands out from the others it\u2019s been helping one of her clients steadily grow their operation from 5,000 acres to 30,000 over three generations. \u201cAnd it all started with a conversation about what they wanted for their future\u201d, adds Heatcoat.<\/p>\n\n\n\n

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Read more: Three Keys to Canada\u2019s Food Future \u2013 Environmental Sustainability, Innovation, and Collaboration<\/a><\/p>\n<\/div>\n\n\n\n

Start your conversation<\/h2>\n

Realizing the value in building long-term partnerships and supporting Canadian agriculture, RBC remains dedicated to connecting producers with strategic, insightful and experienced financial professionals like Janet. As part of our ongoing commitment to understanding your business goals and needs, we\u2019re proud to provide the financial knowledge, tools and resources you need to help you be successful.<\/p>\n\n\n\n

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Contact RBC to set up a meeting with your local SRM today to talk about your farm goals<\/p>\n\n\n\n

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