What is the #bcfoodtaxcredit ?
Are you a farmer who currently donates your excess qualifying agricultural products to registered charities (such as food banks and school meal programs)? You are eligible to receive a tax credit for your generous donation! “Agricultural products may include 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.”
This little-known program benefits both farm producers and registered charities to improve food security in our province. “To help people become aware of the program, (Agriculture Minister Norm Letnick) is encouraging everyone to post pictures on social media of themselves with agricultural products that are eligible for the credit with the #bcfoodtaxcredit.
“The farmers’ food donation tax credit is effective for the 2016 to 2018 tax years. It is a new 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.
The credit is 25 per cent of the eligible amount of a farmer’s qualifying gifts for the tax year. The credit is available to farmers or their spouses or common-law partners who make a gift of agricultural product after February 16, 2016 and before January 1, 2019.”
To Learn More:
Read the full article: https://news.gov.bc.ca/releases/2016AGRI0061-001885
Summary of the tax credit: http://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/farmers-food-donation
Common questions and answers about the tax credit: http://www2.gov.bc.ca/gov/content/taxes/income-taxes/corporate/credits/farmers-food-donation/faqs
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation, please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.