Farm Land or Large Mansions on the Agricultural Land Reserve?

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SUN0201N lifestylealr 05

From the Richmond News the City of Richmond has decided to create a bylaw restricting the size of houses built on the ALR (the Agricultural Land Reserve) in that municipality. A couple of things-if you purchase farm land you do not have to pay the 15 per cent foreign owner tax. And if you can crop blueberries or have a calf born on the property you can claim you are a farmer and have the land taxed as agricultural instead of as a large house executive estate.

“Last year, a Globe and Mail investigation found wealthy investors bought farmland in Richmond without any intention of farming and took advantage of tax incentives to pay meagre property taxes while, in some cases, operating illegal hotels. The investigation found local and foreign buyers enjoy large tax breaks meant to encourage farming. Last week, Richmond councillors voted to ban short-term rentals such as…

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