On Monday, June 14, 2021, the Government of British Columbia announced that they are waiving the minimum income requirement for farms for the second consecutive year. Prior to the announcement last year, to be classified as a farm in B.C. for tax purposes, properties were required to meet certain criteria, including generating a minimum amount of gross income from a qualifying agriculture use based on the size of the parcel of land. The province announced this waiver as part of its COVID-19 economic recovery efforts.
Access the provincial government's official announcement.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
