GUELPH, ON (November 7, 2017) – Grain Farmers of Ontario applauds the Government of Canada’s announcement to maintain the current tax treatment of cash purchase tickets for deliveries of grains. The deferral mechanism is a valuable risk management tool for grain farmers who rely on it.
“We were pleased to see the Minister of Finance respond favorably to our request to maintain the current system of cash purchase tickets and deferral payments.” said Mark Brock, Chairman, Grain Farmers of Ontario. “Any adjustments to the current Cash Basis tax filing method and instruments that support the tools to defer income would be to the detriment of the agriculture industry and the rural economies it supports.”
The federal government’s commitment to economic stability and growth for the middle class, the agricultural sector and the Canadian economy would not benefit from changing the current instruments for tax deferral afforded to grains and oilseed farmers. It is in the interest of Canadians for farmers to have a stable foundation to manage risk, optimize business opportunities and invest in productivity to meet the growing demand for Canadian grains and oilseed products.
Grain Farmers of Ontario
Grain Farmers of Ontario is the province’s largest commodity organization, representing Ontario’s 28,000 barley, corn, oat, soybean and wheat farmers. The crops they grow cover 6 million acres of farm land across the province, generate over $2.5 billion in farm gate receipts, result in over $9 billion in economic output and are responsible for over 40,000 jobs in the province.