Contributed/Government of B.C.
October 06, 2016 - 3:02 PM
THOMPSON-OKANAGAN - To increase awareness of the farmers' food donation tax credit that the British Columbia government announced in Budget 2016, Agriculture Minister Norm Letnick is reaching out to B.C. farmers to get social, get giving and get an income tax credit.
B.C. produces about 300 different commodities on land and water. Farmers who donate qualifying agricultural products to registered charities (such as food banks and school meal programs) are eligible to receive a tax credit for their donation.
To help people become aware of the program, Letnick is encouraging donors to post pictures on social media of themselves with agricultural products that are eligible for the credit with the #bcfoodtaxcredit.
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.
The credit is worth up to 25% of the fair-market value of the qualifying agricultural product and must be claimed in the same year that a charitable-and-other-gifts tax credit for individuals or deduction is claimed for the donation by a corporation. The farmers' food donation tax credit is in addition to the charitable-and-other- gifts credit or the deduction.
"B.C. food banks rely on B.C. farmers to provide low-income families and individuals with a variety of healthy food. Food bank clients are vulnerable to rising food prices. Greater awareness of the new tax credit will encourage more farmers to donate to food banks resulting in more nutrition for our clients," says David Purdon, operations manager, Central Okanagan Food Bank.
News from © InfoTel News Ltd, 2016