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As you know the OFA and commodity partners have developed and are promoting a clear position on farmland property taxation (see OFA Pre-budget brief, November 2008 for full position).
The issue is becoming more time sensitive as legal action (discoveries) will commence in February on a landmark Value Retention case. The matter was raised earlier this week at our first PAC meeting and it was agreed to encourage all farm organizations to send their concerns to Ministers Duncan and Dombrowsky and to encourage members to do the same, along with contacting their local MPP with their concerns,
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Read more... [Property Tax Issues]
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More Family Farm Transfers Exempt From Land Transfer Tax |
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Ontario is expanding exemptions under the land transfer tax to include transfers of farmland from a family farm corporation to one or more family members. As a result of the new exemption, a family transferring a farm valued at $500,000 would save $5,975 in land transfer tax (LTT), and a family transferring a farm valued at $1,000,000 would save approximately $13,475 in LTT.
"We understand that farming families face unique challenges. This tax-relief measure will help families pass on the farming tradition to future generations and build a more sustainable agriculture industry," said Finance Minister Dwight Duncan. "It is part of our commitment to building a stronger, more prosperous rural economy."
"Ensuring the smooth succession of the family farm supports the continued participation of new generations of Ontario farmers and supports the prosperity of rural Ontario," said Leona Dombrowsky, Minister of Agriculture, Food and Rural Affairs.
The exemption complements existing LTT exemptions that apply when farmland is transferred from a family member into a family farm corporation, and when farms change ownership between members of the same family. This measure was first announced in the 2008 Ontario Budget and, upon filing of the regulation, would take effect retroactively for qualifying farm transfers after March 25, 2008.
Check out the details of the proposed tax exemption at:
www.rev.gov.on.ca/english/notices/ltt/0608.html |
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Species At Risk Incentive Program |
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A new program called "Species At Risk Farm Incentive Program" has been announced recently. It will top up the existing cost share programs of EFP in certain BMP categories to 70% or in some cases to 100% to quite generous caps.
An example would be category 19 - Shelterbelt Establishment. Greencover provides up to 50% of $20,000 which is $10,000 cap plus the SARFIP which provides 20% of $20,000 which is $4,000 cap. Combined a $20,000 Shelterbelt Establish would be supported 70% for a total of $14,000.
Six categories are being supported 100% up to the individual caps and eight categories are supported 70% up to generous caps.
The new program (SARFIP) is being funded by the Ministry of Natural Resources and is being delivered by the Ontario Soil and Crop Improvement Association in conjunction with the EFP Cost Share Programs. It is expected funds will be taken up quickly, so early action is recommended.
Both programs require a deemed appropriate Third Edition EFP and a Farm Business Registration Number.
The next EFP workshop will be in January. To sign up, please call me at 519-846-3394. If you have any questions or wish a copy of the new brochure, please give me a call. |
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2008/09 Emergency Advance Payment Program |
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Contact to access for Ontario Farmers is through:
ACC Farmers' Financial:
ACC Farmers' Financial
100 Stone Rd West, Suite 101 Guelph, Ontario
N1G 5L3 Brian A. Stover /
Brian M. Hughes
Tel: 519-766-0544
Toll free: 1-888-278-8807
Fax: 519-766-9775 |
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