Budget 2017 sets the ambitious goal of growing Canada’s agri-food exports to $75 billion annually by 2025.The agri-food sector is an important driver of economic growth, accounting for more than six per cent of Canada’s gross domestic product, and employing one out of every eight Canadians.
“Canada’s agricultural sector brings jobs, high-quality food, and economic growth to Canadians,” stated Lawrence MacAulay, Minister of Agriculture and Agri-Food. “By introducing tax relief and maintaining current tax treatment, we continue to ensure farmers keep their businesses strong, which is vital to the continued growth and success of the sector, and to growing the middle class and those working hard to join it.”
MacAulay, on behalf of Finance Minister, Bill Morneau, today announced tax relief to help farmers by:
• Providing tax relief for farmers who receive compensation under the Health of Animals Act as a consequence of the forced destruction of their livestock because of the bovine tuberculosis outbreak in 2016 and 2017 in Alberta and Saskatchewan.
* Designating the regions for 2017 in which farmers qualify for a livestock tax deferral to help them replenish their herds after flood or drought conditions cease, allowing livestock producers in these prescribed regions to defer a portion of their 2017 sale proceeds of breeding livestock to 2018.
The Government also announced it will maintain the current tax treatment of cash purchase tickets for deliveries of listed grains.
Source: Meatbusiness