Bill 78 explained in plain English
Taxation Amendment Act (Food Bank Donation Tax Credit for Farmers), 2010
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 39th Parliament, 2nd Session. Representative vote breakdowns appear when the Assembly publishes an Ayes and Nays page for the bill.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
This bill introduces a new non-refundable tax credit for Ontario farmers who donate agricultural products they produced to Ontario food banks.
This bill, the Taxation Amendment Act (Food Bank Donation Tax Credit for Farmers), 2010, proposes to create a new tax credit for eligible farmers in Ontario. This credit would be for donating agricultural products they produced to Ontario food banks. The credit is calculated as 25 per cent of the wholesale value of the donated products. The bill also outlines rules for how this credit interacts with existing charitable donation tax credits and allows unused credits to be carried forward for up to five years. The ability to claim this credit is dependent on an agreement with the federal government for administration.
- Creates a non-refundable tax credit for eligible Ontario farmers who donate agricultural products they produced to Ontario food banks.
- Sets the tax credit at 25 per cent of the wholesale value of the donated agricultural products.
- Allows unused tax credits to be carried forward and deducted in the following five years.
- Specifies that if this food bank donation tax credit is claimed for a donation, a charitable donation tax credit cannot be claimed for the same donation.
- Allows for regulations to be made to define 'agricultural product', prescribe rules for determining wholesale value, and set conditions for eligible food banks.
- States that the tax credit provisions will only come into effect if the federal government agrees to amendments allowing the Canada Revenue Agency to administer the credit.
- Provides rules for how partnerships can claim this tax credit.
- Eligible farmers in Ontario
- Corporations carrying on business in Ontario
- Individuals carrying on business in Ontario
- Food banks in Ontario
- The Minister of Finance (Ontario)
- The Canada Revenue Agency (federal)
- Eligible farmers have the right to claim a non-refundable tax credit for qualifying donations.
- Eligible farmers must use the wholesale value of donated products to calculate the credit.
- If a food bank donation tax credit is claimed for a donation, a charitable donation tax credit cannot be claimed for the same donation.
- Farmers can carry forward unused credits for up to five years.
- The Act comes into force on a day to be named by proclamation of the Lieutenant Governor.
- The tax credit applies to a taxation year ending after this section comes into force.
- Unused credits can be carried forward for the following five years.
- The food bank donation amount calculation considers donations made in the current year and the previous five taxation years.
- Provides a non-refundable tax credit to eligible farmers, reducing their tax payable.
- The tax credit is 25 per cent of the wholesale value of donated eligible agricultural products.
- The bill does not specify penalties related to this tax credit.
- The definition of 'agricultural product' is subject to regulations.
- The conditions for a food bank to be considered 'eligible' are subject to regulations.
- The application of the tax credit is contingent on an agreement with the federal Minister for the Canada Revenue Agency to administer the credit.
- The exact date of commencement is not specified, as it depends on proclamation.
This bill amends the Taxation Act, 2007 by adding a new Part IV.1 to establish the food bank donation tax credit for farmers and makes consequential amendments to Section 9 regarding charitable donation tax credits.
Source: Section 1 and Part IV.1
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
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Vote Summary
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Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
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