Tax Credit Supports Farmer Donations to Food Banks

Agriculture

May 19, 2016 12:06 PM

Farmers who donate to food banks in Nova Scotia will qualify for a new tax credit to encourage fresh produce donations.

Agriculture Minister Keith Colwell outlined the tax credit today, May 19, at Feed Nova Scotia in Halifax.

"Government is working with farmers to help Nova Scotians who need it most," said Mr. Colwell. "This will help ensure food banks have fresh, local, nutritious produce."

"We all know the value of fresh food - it's physical nourishment for today, and it's hope and health for the future," said Nick Jennery, executive director of Feed Nova Scotia. "This new incentive for farmers to donate surplus food opens up huge doors of opportunity. We can't wait to work with the farming community and our network of member agencies across the province to get more fresh food to the tables of people who need it."

Donations of fresh, surplus produce can be made to a registered food bank by an individual or corporation carrying on business as a farm and will receive a tax credit equal to 25 per cent of the fair market value of the donation. They will also be eligible for the charitable donation tax credit.

"Farmers have for many years given graciously to Nova Scotia's food banks," said Nova Scotia Federation of Agriculture President Chris van den Heuvel. "The food bank tax credit for farmers will provide some tax incentives and good agricultural products to Nova Scotians who need it."

The tax credit will be retroactive to Jan. 1. Further details about the credit, which was part of Budget 2016-2017, will be spelled out in regulations to follow. It is estimated that the tax credit could cost $300,000 this year.

"Agriculture is the backbone of our rural economy and this is another way for us to support the contributions our farmers make to strong and healthy communities," said Mr. Colwell.

For information about donating to a food bank visit http://feednovascotia.ca.


FOR BROADCAST USE:

     Farmers who donate surplus fresh produce to food banks in

Nova Scotia will qualify for a new tax credit.

     Donations of fresh, surplus produce can be made to a

registered food bank by an individual or corporation carrying on

business as a farm and will receive a tax credit equal to 25 per

cent of the fair market value of the donation.

     They will also be eligible for the charitable donation tax

credit.

     The credit will be retroactive to January 1st.

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Media Contact: Krista Higdon
              902-424-6454
              Email: Krista.Higdon@novascotia.ca