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Country 105

Country 105


Agriculture Report

Tax Credit for Ontario Farmers

By Manny Paiva

Food donation tax credit will be valued at 25 per cent of fair market value of products they donate.


Length: 1:07

We finally have the details on a new tax credit for Ontario farmers.

The Liberals say the new Ontario tax credit program is part of the government's strategy aimed at building a stronger agri-food industry.

It's for farmers who donate their products to food banks and student nutrition programs.

The food donation tax credit for farmers will be valued at 25 per cent of the fair market value of the products they donate.

The Liberals say the tax credit is the only one of its kind in Canada and will help farmers donate more fresh food to their local food banks.

Farmers can claim the new tax credit for donations dating back to January 1st this year.

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Our federal government is providing a "repayable contribution'' of up to 4.6 million dollars to build a new world-class hemp processing facility.

The money will go to Hemp Oil Canada -- which in 1998 was one of the first Canadian companies to process hemp following 60 years of prohibition.

The Treasury Board defines repayable contributions as contributions where the recipient is expected to repay all or part of the amount, or the government expects to receive a financial return.

Canada exported over 21 million dollars worth of hemp products in 2012.

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The National Sunflower Association of Canada is getting 1.8 million dollars to develop new seed varieties and boost sunflower acreage in Western Canada.

The federal government says the funding will support the development of adaptable, disease resistant and herbicide tolerant, confection sunflower hybrids.

Officials say the sunflowers will meet the needs of international markets and demands from growers.

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Wonder why that cup o' joe is so expensive?

Ecologist Ivette Perfecto at the University of Michigan says the reason is a fungus sweeping through coffee plantations in Mexico and Central America.

It limits coffee production and pushes prices higher.

Guatemala, Honduras and Costa Rica have declared national emergencies as a result of the disease -- caused by a fungus called coffee rust.


 


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