Ottawa, ON – Dairy Farmers of Canada (DFC) responds to the federal government’s announcements in Budget 2024. DFC welcomes an increase to the lifetime capital gains exemption on the sale of small business shares and farming and fishing property to $1.25 million. Most dairy farmers operate family farms; this important announcement will help ease the fiscal tax burden when transferring the farm.
DFC also acknowledges the announcement of funding for a national school food program. Dairy products are a source of fifteen essential nutrients and are a top contributor of protein and calcium in the diets of Canadian children. By incorporating nutritious and locally sourced food like Canadian dairy in well-rounded meals and snacks for school-aged children, these programs can offer both essential nutritional assistance and economic support of local agriculture.
DFC noted the government’s commitment to protect farmers from the costs of climate change and looks forward to seeing further details. However, DFC is disappointed that the government has not taken this opportunity to specifically commit to revising Canada’s business risk management programs for agriculture. Programs, such as AgriRecovery, are on the front lines of mitigating the impact of climate related disasters for farmers. It is critical that government review these programs with a view to increasing their timeliness, flexibility, and responsiveness to ensure that farmers have access to this funding when they need it.