Farmers’ Food Donation Corporate Income Tax Credit
No fixed amount
Tax Credit
Description:
The farmers’ food donation tax credit is a non-refundable income tax credit to encourage farmers and farming corporations to donate certain agricultural products that they produce in B.C. to registered charities, such as food banks or school meal programs.
Comments on Funding:
The credit is 25 percent of the eligible amount of a farming corporation’s qualifying gifts for the tax year.
Rolling deadline
Eligibility:
Applicants must:
1. be farming corporations;
2. be farmers and their spouses or common-law partners;
3. have donation considered as a qualifying gift, an agricultural product, which includes meat products, eggs or dairy products, fish, seafood, fruits, vegetables, grains, pulses, herbs, honey, maple syrup, mushrooms, nuts or other produce that has been grown, raised or harvested on a farm in B.C.
Application Steps:
Farming corporations may claim the credit on their T2 Corporation Income Tax Return for tax years ending after February 16, 2016. Enter the amount of the credit they’re claiming on line 683 of Schedule 5, Tax Calculation Supplementary – Corporations.
Farmers, farmers’ spouses or common-law partners, may claim the credit on their T1 income tax return. Enter the amount of the credit you are claiming on the British Columbia Tax form (BC428).
Documentation Needed:
Applicants must submit the donation receipt issued for the purpose of this program.
Other Things to Note:
About the author
Maurice
