GUELPH, ON (April 23, 2015) – Grain Farmers of Ontario is pleased with the Government of Canada’s recently introduced 2015-2016 Budget. The budget will benefit Ontario Farmers through the increase in the Lifetime Capital Gains Exemption, and expansion in the agricultural market access initiative and the AgriMarketing program.
“The increase in the Lifetime Capital Gains Exemption will be of great benefit to all farmers,” says Mark Brock, Chair, Grain Farmers of Ontario. “Increasing land prices have resulted in farmers disposing of their assets for significantly higher prices than they originally paid, and the Exemption will help ensure investment back into the farm.
The Lifetime Capital Gains Exemption provides an incentive to invest in the development of productive farm and fishing businesses and helps owners accumulate capital for retirement. Farmers can qualify for a lifetime tax exemption when disposing of their property, up to $1 million.
The expansion of market access activities will support the agriculture sector in continuing to find new markets and continuing to capitalize on opportunities created by trade agreements. The AgriMarketing Program will promote Canadian agricultural and agri-food products around the world.
“The competitiveness of Ontario grains is essential to a healthy and growing Ontario grain industry,” says Brock. “Ontario grains are high quality and in high demand around the world. We look forward to expanding and diversifying markets and further capitalizing on opportunities domestically and internationally with funding provided by this budget.”
Grain Farmers of Ontario
Grain Farmers of Ontario is the province’s largest commodity organization, representing Ontario’s 28,000 corn, 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.