Canada’s House of Commons Agri Committee Report
Canada's House of Commons Agri Committee has published its report on the Advancements of Technology in the Agriculture Industry to support Canadian Exports.
The report addresses:
- the importance of trade as an engine of growth for agriculture;
- innovative achievements and projects;
- the operation of current science and innovation programs;
- programs and/or policies with a potential to encourage the discovery, development and marketing of new products and/or technologies;
- research and funding priorities; and
- regulatory frameworks.
To help farmers acquire the most innovative farm equipment, the Canadian Federation of Agriculture suggested introducing a first-year depreciation deduction for new farm equipment. A similar measure already exists in the United States, so Canadian farmers are at a disadvantage compared with their American competitors. The CFA believes that introducing this measure in Canada could encourage investment in innovation and recommends in general that the Income Tax Act be reviewed.
Recommendation 11—Deduction for the acquisition of new farm equipment
The Committee recommends that the Government of Canada create an expedited tax deduction process for the acquisition of new agricultural equipment.
See full report at