Farm and Small Business Capital Gains Tax Credit
No fixed amount
Tax Credit
Description:
The Farm and Small Business Capital Gains Tax Credit applies Saskatchewan’s lowest statutory tax rate to eligible taxable capital gains in excess of the capital gains deduction. The eligible capital gains must have arisen from the disposition of “qualified farm property” or “qualified small business corporation shares.”
Comments on Funding:
Rolling Deadline
Eligibility:
Applicants must have farms and small businesses operations.
Application Steps:
To claim this tax credit on their Saskatchewan income tax return, Applicants must:
1. use Form 1237, which can be obtained from the Canada Revenue Agency.
Documentation Needed:
Applicants must submit a completed Form 1237.
Other Things to Note:
The tax credit applies to capital gains from sales that take place in taxation years from 2001 to present.
About the author
Maurice
