'The devil’s in the details': Mixed reaction from P.E.I. farmers to federal budget
There are certain parts of the newly-announced federal budget some farmers say will be helpful, but in many ways it doesn’t go far enough.
Some farms on Prince Edward Island are still dealing with the costs associated with Hurricane Fiona, and many government risk management programs have limits on how often someone can apply and for how much money.
“The timeframe between Hurricane Dorian and Hurricane Fiona was only two years, so you could quickly say, you know, you’re not eligible for those programs anymore,” said Ron Maynard, a fairy farmer for four decades.
He said they need to be adaptable to changing weather patterns.
Tax changes are a bit of a mixed bag. The farm is the chief source of retirement savings for a farmer.
The higher limit of tax-free capital gains means more money in farmers’ pockets from that portion, but higher taxes on money beyond that could have a negative effect.
“Those capital gains, they’re not going to impact the farmer here in planting season, but over the longer term it will impact the value of the farm,” said Donald Killorn, executive director of the PEI Federation of Agriculture. “How much ends up in a farmer’s pocket when it does come time to pass the farm along?”
Another issue for farmers is the carbon tax.
While diesel used for farming is exempt, farms often use propane or other sources to heat barns or dry grains, which is taxed.
There's a new carbon rebate for small businesses, but it isn’t yet clear how that will affect farmers.
“The devil’s in the details, in that how much it will pertain to farmers and whether it amounts to any substantial amount is still a question,” said Maynard.
One good thing according to both Killorn and Maynard is the limit on interest-free government planting loans is more than doubling. Those are short term loans ahead of the season for the costs of planting, repaid after the crop is sold.
At $250,000, it's higher now than the $200,000 average used by farms across the country.
For more Prince Edward Island news visit our dedicated provincial page.
CTVNews.ca Top Stories
BREAKING Speaker kicks Poilievre out of Commons over unparliamentary comments
Speaker Greg Fergus kicked Conservative Leader Pierre Poilievre out of the House of Commons during question period today.
Baby, grandparents among 4 people killed in wrong-way police chase on Ontario's Hwy. 401
A police chase which started with a liquor store robbery in Bowmanville Monday night ended in tragedy some 20 minutes later when a suspect fleeing police entered Highway 401 in the wrong direction and caused a pileup which killed an infant and the child's grandparents, as well as the suspect, investigators say.
Man dies after suffering cardiac arrest while waiting in ER, widow wants investigation
When an ambulance took David Lippert to the hospital in March of 2023, the 68-year-old Kitchener, Ont., executive was hoping to find out why he was feeling weak and unable to walk. Some 24 hours later, he was found unresponsive in the ER.
Freeland previews omnibus budget bill, proposed capital gains tax change left out
Deputy Prime Minister and Finance Minister Chrystia Freeland will be tabling yet another omnibus bill to pass a sweeping range of measures promised in her April 16 federal budget, though left out of the legislation will be the government's proposed capital gains tax change.
Air Canada walks back new seat selection policy change after backlash
Air Canada has paused a new seat selection fee for travellers booked on the lowest fares just days after implementing it.
Conservatives push motion calling for Carney to testify, say it's about 'accountability'
The federal Conservatives made good on their promise to push for former Bank of Canada governor Mark Carney to testify before MPs, resulting in a heated political debate in Ottawa on Tuesday.
McGill requests 'police assistance' over pro-Palestinian encampment
McGill University says it has 'requested police assistance' about the pro-Palestinian encampment on its lower field.
London Drugs stores remain closed, 'cybersecurity incident' may have breached personal data
London Drugs says it is working with third-party security experts as the company tries to reopen dozens of stores across Western Canada that were shuttered by a cybersecurity incident Sunday.
Judge raises threat of jail in hush money trial as he holds Trump in contempt, fines him US$9,000
Donald Trump was held in contempt of court Tuesday and fined US$9,000 for repeatedly violating a gag order that barred him from making public statements about witnesses, jurors and some others connected to his New York hush money case. And if he does it again, the judge warned, he could be jailed.