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My question is: Canadian-specific
QUESTION: Hi there,
Our father has recently passed away Nov/03 and he has a farm in the ALR with farm status. He purchased the farm in 1973. How do we know if we entitled to the 500,000 farm exemption. I don't really know much about it any help would be appreciated.
Thank you very much
BXXXX
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david ingram replies:
One of my favourite tax returns. The farm has to have been an active farm operated by your father and reported as a farm on his tax return. If he has been renting it and reporting the income on line 126 of his return, he does not qualify for the $500,000 exemption.
Glad to help you with this one.
David Ingram's US/Canada Services
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