Humber Real Estate Course: Farm Tax Exemptions

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Questions and Answers

What is a requirement for a farm to qualify for a reduction in municipal taxes?

  • The farm must be owned by a Canadian citizen or a permanent resident.
  • The farm must generate a pre-determined level of gross income. (correct)
  • The farm must be registered with the provincial agricultural ministry.
  • The farm must have a minimum of 50 acres of land.

What percentage of a farm's ownership and voting shares must be held by a Canadian citizen or a permanent resident?

  • More than 45 percent (correct)
  • More than 30 percent
  • More than 60 percent
  • More than 75 percent

What is not a requirement for a farm to qualify for a reduction in municipal taxes?

  • The farm must be owned by a Canadian corporation. (correct)
  • The farm must have a valid harmonized sales tax registration number.
  • The farm must carry on a farming business.
  • The farm must submit the appropriate application.

How often must a farm resubmit its application to qualify for a reduction in municipal taxes?

<p>Every two years (B)</p> Signup and view all the answers

What is the purpose of a farm submitting an application to qualify for a reduction in municipal taxes?

<p>To qualify for a reduction in municipal taxes. (D)</p> Signup and view all the answers

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Study Notes

Conditions for Farm Tax Reduction

  • To qualify for a reduction in municipal taxes, a farm must meet certain conditions:
  • One such condition is that the farm must carry on a farming business that generates a pre-determined level of gross income.

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