Community Food Program Donation Tax Credit

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Community Food Program Donation Tax Credit
Topic Started: Sep 30 2014, 12:29 PM (39 Views)
Darcie	Sep 30 2014, 12:29 PM Post #1
Skeptic Posts: 31,154 Group: Member Member #714 Joined: March 30, 2010	Quote: An eligible person that donates agricultural products to eligible community food programs in Ontario, including food banks, may be able to claim a tax credit, in addition to the charitable donation tax credit. The Local Food Act, 2013 introduced a new non-refundable income tax credit for farmers who donate agricultural products to eligible community food programs in Ontario, including food banks. The credit is worth 25 per cent of the fair market value of the agricultural products donated and can be claimed for donations made on or after January 1, 2014. Qualifying donations A qualifying donation is: a donation of one or more agricultural products produced in Ontario made to an eligible community food program in Ontario on or after January 1, 2014 by an eligible person. An eligible person means: an individual (or his or her spouse or common-law partner), or sole proprietorship, who carries on the business of farming and resides in Ontario on December 31 of the tax year, or a corporation that carries on the business of farming in Ontario. A trust is not entitled to claim this tax credit. http://www.fin.gov.on.ca/en/credit/cfpdtc/index.html Haven't studied this but it seems to be very positive, do other provinces do this also? Does the federal government do this? Anyone know?



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