Looking for Income Tax Breaks?
Nature Conservancy of Canada urges people to look at land, cash donations
With personal income tax season upon us and people getting ready to start preparations, the Nature Conservancy of Canada (NCC) in Newfoundland and Labrador is bringing attention to the opportunity for future tax breaks.
The Nature Conservancy of Canada is looking for full or partial land donations in the province. The not-for-profit organization is reminding people of the benefits associated with gifts of ecologically significant lands for permanent conservation.
The Nature Conservancy of Canada is a registered charity and issues tax receipts for any cash or land donations. Individuals and families who have parcels of land they wish to see protected, but are not sure of what their options are, are encouraged to contact NCC staff in Newfoundland and Labrador.
For any land gift, the Nature Conservancy of Canada issues a charitable tax receipt for the value of the parcel of land. In addition to that, Environment Canada, has a program called the Ecological Gifts Program. It offers residents and corporations additional tax credits for their donation of ecologically sensitive lands. It is important to note that in most provinces, a reduction in federal tax payable will also reduce provincial tax.
“The Ecological Gifts Program is a great federal incentive with a goal of promoting ecological stewardship of important lands and habitats,” says Megan Lafferty, Acting Program Director with the Nature Conservancy of Canada in Newfoundland and Labrador. “By providing a tax break, this program makes land donation for conservation more financially feasible for land owners across the country.”
An increasing number of conservation-minded Canadian landowners take part in the Ecological Gifts Program each year. The Nature Conservancy of Canada has worked with private land owners on 47 Ecological Gifts throughout Canada, including two in Newfoundland and Labrador.
The most recent Ecological Gift in Newfoundland and Labrador is also a historically important piece of land. The 606 acres once belonged to Sir William Van Horne who oversaw the construction of the Canadian Pacific Railway system throughout Canada. Sally Hannon and her family generously donated this piece of land for its conservation and historical value.
“Once we decided to convey the Van Horne Block, we had two objectives to balance: to conserve the property and its habitat in perpetuity, while achieving an acceptable financial result for our family. The Nature Conservancy of Canada helped us achieve both objectives,” said Hannon. “First by agreeing to accept and conserve our property in perpetuity, and second by confirming the land to be ecologically significant and offering to apply on our behalf for the tax incentives available under the Ecological Gifts Program. We couldn’t have achieved this donation without the caring, professional support of the Nature Conservancy of Canada, for which we are very grateful.”
To learn more about the Ecological Gifts Program, please visit http://www.ec.gc.ca/pde-egp/.
The Nature Conservancy of Canada is the nation's leading land conservation organization, working to protect our most important natural areas and the species they sustain. Since 1962, NCC and its partners have helped to protect more than 2.7 million acres (over 1.1 million hectares), coast to coast. The Nature Conservancy of Canada has conserved 12,865 acres (5,206 hectares) in Newfoundland and Labrador. For further information, visit www.NatureConservancy.ca/nl.
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