FM-220.3, Property Tax Refund for Forest Producers

This form must be used by a corporation that is a certified forest producer and is claiming a property tax refund.

For each assessment unit, you have to create a new input with the Add/Delete buttons. For a taxation year ending before January 1, 2022, the buttons are located under line 25 of this form. For a taxation year ending after December 31, 2021, the buttons are located in Part 4.

For a taxation year ending before January 1, 2022, if the expenses incurred are lower than the amount of tax paid, the corporation is not entitled to a tax refund for the year, and the expense amounts can be carried forward to the five following years. For a taxation year ending after December 31, 2021, the reimbursement of property taxes for forest producers will be allowed regardless of whether eligible forest development expenses are less than the property taxes.

* If the expenses are higher than the amount of tax paid, the excess expenses can be carried forward to the ten following years. You can use the workcharts located at the end of the form to keep track of the development work expenses balances carried forward and the excess development work expenses balances that can be carried forward. Please note that these workcharts are not part of the official form and that consequently, they will not be printed with the form.

The refund amount as well as code 07 will be entered in the Corporation Income Tax Return (CO-17), on one of the lines for the miscellaneous tax credits.

* These expenses can be carried forward to the next five years if they have been incurred in a taxation year that begins after December 31, 2013, and ends before January 1, 2022, and to the next two years if they have been incurred in a taxation year that begins before January 1, 2014. These expenses cannot be carried forward for a taxation year ending after December 31, 2021.