What portion of property taxes can be claimed for a farm?

The portion of property taxes that can be claimed for a farm will depend on the tax class of the property. In most cases, farmland is classified as either agricultural or residential.

If the property is classified as agricultural, the entire amount of property taxes paid can be claimed as a deduction on your tax return. However, if the property is classified as residential, only the portion of property taxes that applies to the farmland can be claimed.

 

For more information, please refer to the Canada Revenue Agency (CRA) page: Qualified farm or fishing property

Farmers and Fishers

TurboTax FAQs page: 

• Understanding What Classifies as Farming Income
• Understanding Farm Losses
• The Livestock Tax Deferral Provision

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