Possible tax breaks for farmers and fishermen who give back
Province aims to have Food Act in place by 2018
The province is looking to help farmers and fishermen get more of a tax break on food donations.
On P.E.I., farmers and fishermen get a tax credit if they donate products to organizations like food banks, but the province wants to take it one step further with a local food act — that would act as an enticement with an additional credit, similar to the one announced last week in Nova Scotia.
"We have a lot of producers already who donate to the local food bank, to the Upper Room and things like that and they get no tax credit for it and they don't even ask for it," said Minister of Agriculture and Fisheries Alan McIssac.
"I don't even know if they all know it is available."
N.S. tax credit of 25 per cent of market value
In return for giving to food banks that are registered charities, farmers in Nova Scotia will receive a tax credit equal to 25 per cent of the fair market value of the donation.
The province wants to see something similar happen here.
"Well we want to encourage people here to eat local, and it's also an incentive for our producers here," said McIssac.
He said the province is consulting with local groups and is looking to other provinces as an example to follow.
"We're exploring with the other provinces who are doing this local food act to see what they have in place … and we'll try to work that out to have it available here on the Island as well."
He hopes the Food Act will come into effect in 2018.
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With files from Julie Clow