In this issue:
Important Information for Partnerships
The Canada Revenue Agency has implemented changes for how some partnerships are to report their tax information for 2011. This adjustment does not change any of the requirements for participating in the AgriStability Program, but partnerships should be aware that even if they have met the new CRA requirements they still have to complete the proper program forms for AgriStability and AgriInvest.
In some circumstances partnerships may only have submitted the T5013 form to the CRA. If the partnership is participating in AgriStability it must also complete and submit the T1163 Harmonized AgriStability and AgriInvest form to the CRA in Winnipeg. For the 2011 program year, the T1163 form needs to be submitted by September 30, 2012, to avoid penalty. If you miss the September 30 deadline you have until December 31, 2012 to submit it; however, a penalty of $500 per month will be deducted from any benefit received. If no benefit is calculated there will be no penalty applied.
If you are involved in a partnership please ensure your completed T1163 AgriStability and AgriInvest Harmonized form is submitted to the CRA. If it is not completed by the established deadlines the eligibility requirements for the 2011 AgriStability Program will not have been met.
To access the T1163 form:
http://www.saskcropinsurance.com/agristability/forms#2
For more information on CRA’s changes for partnerships:
http://www.cra-arc.gc.ca/E/pub/tg/t4068/README.html
You can mail your T1163 form to:
Canada Revenue Agency
66 Stapon Road
Winnipeg, MB R3C 3M2
Need help with the AgriStability program or AgConnect?
Program experts are available to help producers, accountants or form preparers. Contact an AgriStability Advisor or the AgriStability Call Centre
For more information
For further information please contact:
SCIC AgriStability Call Centre
Toll-free: 1-866-270-8450
www.saskcropinsurance.com
agristability@scic.gov.sk
