“Your Equity Tax Credit application has been approved. Attached is a copy of your Certificate of Registration. The original will be mailed.” This was recently received in an email from Philip Hatheway, Policy Analyst,Taxation and Fiscal Policy, Nova Scotia Department of Finance.
Proceeds of this Equity Tax Credit-ETC approved share offering of Grass Roots Up Co-Operative Limited are to be used to purchase
a “maintained productive interest in a herd of grazing cattle” – the “herd share”.
It is important to note
(1) Only NEW SHARE purchases by eligible investors qualify for the 35% tax credit . (Generally eligibility for rebate is NS income tax filers, 19 and over who have paid income taxes in the last 3 years or will this year or the next 7years)
(2) The sole reason for investment must not be to get a tax rebate…if you qualify ETC is a beneficial incentive.
(3) If share purchases ($1/share) are made before the first of March 2013 the NS Dept. of Finance mails out tax receipts for use with 2012 income tax filings.
Receipts for share purchases after that will be sent out for the 2013 tax year.
(4) Please see the Department of Finance web site for full explanations.
(5) and confirm with your tax advisor on
(a) whether you qualify
(b) comparison to charitable donations and
(c) the differences between ETCs and other investments such as CEDIFs (we are not a CEDIF).
For details on membership and subscription please read the information about how to Join Us.
ETC Certification document for reference.