Federal budget 2024 disappoints Canadian farmers: CFA

Ottawa, April 17th, 2024 – The Canadian Federation of Agriculture (CFA) expressed disappointment in the 2024 federal budget, citing a lack of investment in Canadian agriculture. The organization highlighted concerns over high-interest rates, the imposition of a carbon price on essential farming activities, and the heightened risk posed by extreme weather events.

In a statement released yesterday, CFA President Keith Currie emphasized the crucial role of government support amidst challenges facing the agricultural sector. “With erratic weather and soaring prices amplifying the risk profile of Canadian agriculture, the government’s neglect of food production and farmers is concerning,” Currie remarked.

While acknowledging some positive investments, including consultations on interoperability and carbon rebates for small businesses, CFA underscored the absence of crucial measures. Issues such as environmental programming, labor shortages, and infrastructure improvements were notably absent from the budget.

However, CFA welcomed the government’s response to its recommendation to increase the Lifetime Capital Gains Exemption, a move aimed at facilitating intergenerational farm transfers. Yet, concerns were raised regarding the inclusion rate increase, which could pose challenges for such transfers in the face of escalating capital requirements.

Currie emphasized the urgency for Canada to remain competitive in global agriculture, stressing the need for strategic investments. “If Canadian agriculture is to unlock its economic and climate potential, we must seize opportunities while our international counterparts continue to invest,” he urged.

Moving forward, CFA pledged to collaborate closely with the government to ensure farmer priorities are addressed and essential services like Canadian agriculture are safeguarded. The organization committed to evaluating the full implications of budget changes on intergenerational farm transfers in the days ahead.