Dec 14, 2022
The Canadian Network of Community Land Trusts has a petition underway asking the federal government to provide tax incentives to encourage the donation of land to land trusts.
The petition reads:
Whereas: Community Land Trusts exist across Canada, are a proven vehicle to combat the affordable housing crisis in perpetuity, but they are crippled by current Federal tax law in their ability to acquire land donations.
We, the undersigned, citizens and residents of Canada, call upon the Government of Canada to:
- Make amendments and additions to the Income Tax Act to incentivize the donation of land to Land Trusts, for the purpose of developing affordable housing, by utilizing the same mechanisms as those already provided in the Act for individuals and corporations to make donations to ecological land reserves; and
- Allow for donations of land to Community Land Trusts to be capital gains exempt in addition to a tax credit or deduction which can be provided in exchange for the land, based on the fair market value.
To sign the petition, go to https://petitions.ourcommons.ca/en and search for e-4155
Here’s the petition