Bill 104 explained in plain English
Taxation Amendment Act (Food Bank Donation Tax Credit for Farmers), 2012
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 40th Parliament, 1st 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 proposes to create a new tax credit for Ontario farmers who donate agricultural products to food banks, amending the Taxation Act, 2007.
Bill 104, the "Taxation Amendment Act (Food Bank Donation Tax Credit for Farmers), 2012", proposes to amend the Taxation Act, 2007. It aims to create a new non-refundable tax credit for eligible Ontario farmers who donate agricultural products they produced to Ontario food banks. The tax credit would be 25 per cent of the wholesale value of the donated products. Unused credits could be carried forward for up to five years. The bill also clarifies that if this specific tax credit is claimed, a charitable donation tax credit cannot be claimed for the same donated products. The Act specifies definitions for 'agricultural product', 'eligible donation', 'eligible farmer', and 'eligible food bank'. The Minister of Finance may make regulations concerning these definitions. The new tax credit provisions will only come into effect if the federal government agrees to allow the Canada Revenue Agency to administer it on behalf of Ontario.
- Establishes a new 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.
- Prevents a charitable donation tax credit from being claimed for the same agricultural products for which the food bank donation tax credit is claimed.
- Defines terms such as 'agricultural product', 'eligible donation', 'eligible farmer', and 'eligible food bank'.
- Authorizes the Minister of Finance to make regulations related to the definitions and the administration of the tax credit.
- States that the new provisions will only come into effect upon proclamation by the Lieutenant Governor and contingent on an agreement with the federal Minister for the Canada Revenue Agency to administer the credit.
- Amends Section 9 of the Taxation Act, 2007, to include rules about how claiming this new tax credit affects charitable donation tax credit calculations.
- Eligible Ontario farmers.
- Ontario food banks (that meet specified criteria).
- The Minister of Finance (Ontario).
- The Canada Revenue Agency (if an agreement is reached with the federal government).
- Eligible farmers have the right to claim a non-refundable tax credit for eligible donations.
- An eligible farmer may deduct the food bank donation tax credit from tax otherwise payable.
- The Minister of Finance has the power to make regulations regarding the program.
- The Act comes into force on a day to be named by proclamation of the Lieutenant Governor.
- The tax credit applies to taxation years ending after this section comes into force.
- Unused tax credits may be carried forward for the following five years.
- The food bank donation amount calculation considers eligible donations made in the current year and the previous five taxation years, and deductions for the previous five taxation years.
- Provides a non-refundable tax credit to eligible farmers.
- The tax credit is calculated as 25 per cent of the wholesale value of donated agricultural products.
- May reduce the amount of tax otherwise payable by eligible farmers.
- The specific agricultural products eligible for the donation will be prescribed by regulations.
- The wholesale value of agricultural products will be determined according to rules prescribed by regulations.
- Conditions for a food bank to be considered 'eligible' will be prescribed by regulations.
- The application of the tax credit is dependent on the federal Minister agreeing to amendments to a collection agreement to allow the Canada Revenue Agency to administer the credit.
- The exact date the provisions come into force is not specified and will be determined by proclamation.
Adds a new Part (IV.0.1) to establish the food bank donation tax credit for farmers, and amends Section 9 to include rules related to claiming this credit in conjunction with charitable donation tax credits.
Source: Section 1, Section 2, Explanatory Note
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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Official sources
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