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What exemptions can I may qualify for with a small farm?

How do I find out what exemptions I may qualify for with a small farm? What determines farm status?

Posted from: Alberta

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One Response to “What exemptions can I may qualify for with a small farm?”

Barton Goth, Trustee said...

This is the type of question that you really need to sit down with a local trustee. The Civil Enforcement Act stipulates that “Where the debtor is a bona fide farmer and whose principal source of livelihood is farming 160 acres if the debtor’s principal residence is located on that 160 acres and that the 160 acres is part of the debtor’s farm…Where the debtor’s primary income is from farming operations, personal property required by the debtor for the proper and efficient conduct of the debtor’s farming operations for the next 12 months.

So to be able to claim any of these exemptions you simply need to be able to satisfy the trustee that you are dealing with that your primary source of income is the result of the farming operations. As a result it is important to discuss this directly with a trustee and they will help you to determine if you would qualify.