Line 47556 – Other refundable credits
The draft legislation that includes this credit has not received Parliamentary approval. Once the legislation is approved by Parliament, the CRA will process the tax returns with this refundable credit. Contact Us if you have questions.
Return of Fuel Charge Proceeds to Farmers Tax Credit
Beginning in 2021, the Government of Canada proposes a new refundable tax credit, the Return of Fuel Charge Proceeds to Farmers Tax Credit. The purpose of this credit is to return a portion of the fuel charge proceeds from the federal carbon pollution pricing system directly to farming businesses in provinces that do not currently have a system that meets the federal requirements. These designated provinces are Ontario, Manitoba, Saskatchewan and Alberta.
Eligible farming businesses include self-employed farmers and partners in farming partnerships that meet the following conditions:
- They actively engage in either the management of, or daily activities related to, the earning of income from farming
- They incur total farming expenses for all businesses of $25,000 or more, which are all or partially attributable to designated provinces
Completing your tax return
Complete Form T2043, Return of Fuel Charge Proceeds to Farmers Tax Credit, and enter the amount from line 67078 on line 47556 of your return.
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