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| Landowners | |
| Securing Land - Environment Canada's Ecogift Program | |
| Many
Canadians who own ecologically sensitive land have no guarantee that the
piece of nature they have cherished for years will be cared for in the
future. Through the Ecological Gifts Program, landowners can protect
their land, create a legacy and at the same time, may receive a
substantial income tax benefit. The estimated value of Ontario ecogifts
to date is over $10 million and represents a wide range of imperiled and
rare habitats, such as prairies, alvars, and dunes.
How does this work? Basically a landowner who donates land, a conservation easement or a covenant through the Ecological Gifts Program receives a tax receipt for the value of the donation, which can be used against 100% of their annual income. And the unused portion can be carried forward up to five subsequent years. While a taxable capital gain can be realized in some cases, only 25% is subject to income tax. The process is simple. In Ontario, Environment Canada certifies the ecological sensitivity of the land donation, the fair market value of the donation and that the recipient of the land donation is qualified. Qualified recipients include land trusts, conservation authorities, the Ontario Heritage Foundation, a municipality or Crown agencies such as Parks Canada. There are plenty of donation options, ranging from on outright gift of the property to a life tenancy agreement to a conservation easement. And generally the best way to initiate the process is to contact potential recipients and discuss your ideas and interests. These organizations can help with the certification process and help answer any questions. Of course, it is important to seek independent financial advice when you embark on such as transaction. Private landowners have an important part to play in conserving Ontario’s rare habitats. Tallgrass Ontario’s Save Ontario Savannas Program, and the Pocket Prairie Project GIS component focus on individual landowners who are interested in learning about, and preserving their rare tallgrass and savanna habitat. For more information about the Ecological Gifts Program, see www.on.ec.gc.ca/wildlife/ecogifts or contact your local land trust or conservation authority. |
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Tallgrass Ontario |
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Tel: (519)873-4631 |
