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.
If you require further information on this initiative or any others relating to the agriculture sector do not hesitate to contact our agriculture team or the lead in Vancouver Heather Jones at hjones@millerthomson.com.
