New farm assessment rules have been implemented in British Columbia that are designed to benefit farmers next year.
The new recommendations for the 2013 Assessment Roll are:
- increase the tax exemption limit on farm outbuilding improvements (excluding the residence)
- extend farmer’s dwelling and home site farm classification to retired farmers in the Agricultural Land Reserve for farms that stay in production
- reduce the administrative paperwork for farmers by changing the farm income reporting period to be consistent with each farmer’s Canada Revenue Agency Income tax reporting period
- provide more flexibility in meeting the requirements to maintain farm status by expanding the list of qualifying agricultural products
Three new products will be added to the list: broad leaf maple and birch sap or syrup; breeding products like semen, ova and embryos as part of livestock raising and horse stud services.
The panel included a cross section of government, producers and B.C. Assessment’s board.
