Farm Assessment Program for Bona fide Farmers
no fixed amount
Tax Credit
Description:
The Farm Assessment Program for Bona fide Farmers provides tax relief to farmers by providing farm assessment on land used in the farm enterprise.
Comments on Funding:
The assessed value of farm property is based on the class of clear or wooded land.
Farm assessment per acre of clear land:
Class 2 land – $150 per acre Class 3 land – $100 per acre Class 4 land – $70 per acre Class 7 land – $30 per acre Farm assessment per acre of wooded land:
Class 2 land – $75 per acre
Class 3 land – $50 per acre Class 4 land – $35 per acre Class 7 land –
Rolling deadline
Eligibility:
The applicant must be:
1. an individual who owns a farm and meets the following requirements:
a) be actively engaged in farming; and
b) have earnings of at least $10,000 or 25% of its gross annual income from farming.
2. a partnership or corporation that owns a farm and meets the following requirements:
a) be registered in the province;
b) be actively engaged in farming; and
c) have earnings of at least $10,000 or 25 per cent of its gross annual income from farming.
3. an individual that owns a farm and is registered in the Future Farmer Program;
4. a partnership, or corporation that owns a farm where one or more of the principals are registered in the Future Farmer Program;
5. a widow or widower of a bona fide farmer;
6. an individual who in the year immediately preceding the current assessment year operated a farm, but who in the current year does not operate a farm by reason of illness or disability.
Application Steps:
Applicants must complete the application form and return to Taxation and Property Records.
Documentation Needed:
Applicants must submit the completed application form.
Other Things to Note:
Nov. 2023:
For any questions about the program, contact Taxation and Property Records by:
Phone: (902) 368-4070
Fax: (902) 368-6164
Email: taxandland@gov.pe.ca
Older:
For any questions about this program, contact the Property Assessment Coordinator at (902) 368-4449.
About the author
Maurice
