timber and land taxation

[cruiser74]

Does anyone kinow of a web based site to access information on timber and land taxes? The particular question from a land owner was: do you have any information for land owners on the proper way to file there taxes?  Thanks.

[Jeff]

First one I would think of it the National Timber Tax website.

http://www.timbertax.org/

Youu can get the Forest Landowners Guide to the Federal Income Tax there.  Direct link to the guide is:

http://www.timbertax.org/research/aghndbk/aghndbk.asp?id=research&topic=aghndbk

How ya doing Scott?

[Jeff]

Another resource I forgot about are possibly the SFE classes? In the past there have been some on Timber Tax. Ron Scott and I attended one taught by Karen Potter-Witter a couple 3 years ago in Cadillac

[cruiser74]

Thanks alot Jeff. That Purdue site looks real good good to me. I'll check with MSU and see what they have.

[Ron Scott]

Check with Dr. Karen-Potter Witter at MSU. MSU Extension may be planning to put on a Timber Tax Class for private landowners in the UP some time soon.

In addition to the Purdue site, Karen also has some good publications on Timber Taxes.

The MSU Extension classes are worth attending.

[SwampDonkey]

A note to New Brunswick landowners concerning Woodlots and taxation:

The Federation of Woodlot Owners of New Brunswick, who represent the 7 regional Forest Products Marketing Boards, is preparing a list of proposals for further changes to the Income Tax Act. The list may include: better treatment of silviculture expenses, ability to use income averaging for revenue from salvage harvests following natural disasters, and ways pensioners with well managed woodlots can avoid loss of Old Age Supplement due to harvest revenues (perhaps thru income averaging).

At CCRA you can pick up bulletin IT-373R2 entitled 'Income Tax Act (Woodlots)' or at my site at the following link.

 212 Kb PDF document

This document is best reviewed with a professional tax preparer as it can be rather daunting for the average woodlot owner to understand.

Some info on Intergenerational Transfer of Woodlots in Canada- here

Taxation of Non-residence who do business in Canada -here
This site may give absantee woodlot owners additional info on taxation when having someone manage their woodlot in Canada on their behalf. (withholding tax)

cheers