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Canadian Federal Budget Supports Meat Industry

Wednesday, April 29, 2015

(North American Meat Institute)

The Government of Canada last week introduced its budget for the next fiscal year, which included several items to support the country’s meat industry. The budget included a provision to increase the lifetime capital gains exemption to $1 million, which would save agricultural producers, including beef and pork growers, approximately $50 million in capital gains taxes over the next five years. The budget also extends the expiring accelerated capital cost allowance to any eligible assets acquired after 2015 and before 2026, a measure that would encourage meat processors to make long term investments in machinery and equipment. Further, the budget included numerous provisions to strengthen meat exports. For instance, Canada will spend nearly $10 million per year to expand the effectiveness of the Canada Trade Commission service, will invest $12 million for global agri-marketing promotion and will spend $18 million over the next two years to promote trade opportunities for agriculture and the Access Secretariat, which works to re-open and maintaining markets impacted by the bovine spongiform encephalopathy and avian influenza bans. 

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