Form T1237 Saskatchewan Farm and Small Business Capital Gains Tax Credit - Canada

Form T1237, the Saskatchewan Farm and Small Business Capital Gains Tax Credit, is used by residents of Saskatchewan, Canada, to claim a tax credit for the capital gains they have earned from the sale of qualifying farm or small business property. This credit is designed to provide financial support to farmers and small business owners in Saskatchewan.

The Form T1237 Saskatchewan Farm and Small Business Capital Gains Tax Credit in Canada is filed by individuals who meet the eligibility criteria for the credit. This form is specifically for residents of Saskatchewan who have capital gains from the sale of qualifying farm or small business property.

FAQ

Q: What is Form T1237?A: Form T1237 is a tax form in Canada.

Q: What is the Saskatchewan Farm and Small Business Capital Gains Tax Credit?A: The Saskatchewan Farm and Small Business Capital Gains Tax Credit is a tax credit available to residents of Saskatchewan who have realized a capital gain on the sale of qualified farm or small business property.

Q: Who is eligible for the tax credit?A: Residents of Saskatchewan who have realized a capital gain on the sale of qualified farm or small business property may be eligible for the tax credit.

Q: What is qualified farm or small business property?A: Qualified farm or small business property refers to property used primarily in a farming or small business operation.

Q: How much is the tax credit?A: The tax credit is 10% of the capital gain, up to a maximum of $900,000.

Q: How do I claim the tax credit?A: To claim the tax credit, you need to complete Form T1237 and include it with your income tax return.

Q: Is there a deadline for claiming the tax credit?A: Yes, the deadline for claiming the tax credit is the same as the deadline for filing your income tax return, which is generally April 30th of each year.

Q: Can I carry forward the tax credit to future years?A: No, the tax credit cannot be carried forward to future years, but any unused portion of the credit can be transferred to your spouse or common-law partner.

Q: Is the tax credit refundable?A: No, the tax credit is non-refundable, which means it can only be used to reduce your tax payable.