“I am pleased to inform you that your request for an extension of the lapse date for Grass Roots Up Cooperative Limited’s Certificate of Registration under the Nova Scotia Equity Tax Credit Act has been granted” This was received from Maureen MacDonald, Nova Scotia Department of Finance.
This means that all new eligible investments made in GRUp (between March 1, 2013 and February 28, 2014) will be considered for the 35% tax credit as part of the ETC approved share offering of Grass Roots Up Co-Operative Limited. These 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 7 years)
(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 March 2014 the NS Dept. of Finance mails out tax receipts for use with 2013 income tax filings.
Receipts for share purchases made between January 1,2014 and February 28, 2014 can be used for 2013 or 2014 tax year returns.
(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).
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