Questions and Answers
What is a requirement for a farm to qualify for a reduction in municipal taxes?
The farm must generate a pre-determined level of gross income.
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
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.
How often must a farm resubmit its application to qualify for a reduction in municipal taxes?
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What is the purpose of a farm submitting an application to qualify for a reduction in municipal taxes?
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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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Description
Test your knowledge on the conditions required for a farm to qualify for a reduction in municipal taxes in this real estate course quiz.
