'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
3 injured after man with knife enters Montreal-area mosque
Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.
Police arrest 18-year-old woman who allegedly stole Porsche and ran over its owner
Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.
Woman nearly shut out of mother's estate sues brother in B.C. Supreme Court – and wins
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
Teen arrested in New Brunswick after emergency alert; 5 people in custody
A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.
Kamala Harris tells Oprah any intruder to her home is 'getting shot'
U.S. Vice-President Kamala Harris on Thursday issued a warning to any potential home intruder: 'If somebody breaks in my house, they're getting shot.'
On the trail of the mystery woman whose company licensed exploding pagers
What Cristiana Barsony-Arcidiacono, 49, the Italian-Hungarian CEO and owner of Hungary-based BAC Consulting, says she hasn't done is make the exploding pagers that killed 12 people and wounded more than 2,000 in Lebanon this week.
Woman shot by B.C. police was Colombian refugee with young daughter, advocate says
Advocates have identified the woman who died this week after being shot by police in Surrey, B.C., as a South American refugee who was raising a young daughter.
'We're still pushing hard': Search for missing Manitoba boy continues, RCMP find tracks
The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.
Video released of person of interest after cat is allegedly set on fire in Orillia, Ont.
Provincial police investigating the death of a cat that was allegedly set on fire in Orillia earlier this week released surveillance video of a person of interest in the case.