Line 47556 – Other refundable credits
This credit has now received Parliamentary approval. This means that the CRA can now process your 2021 income tax and benefit return if you claimed this credit. If you didn’t claim this credit and need to change your return, this tax tip gives you all the information that you need.
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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