While a brief item on right to repair generated opposing views in late November, other ag mentions were light as the federal government unveiled its 2023 Fall Economic Statement Nov. 21.
A search of the 141-page document for the term “agriculture” revealed only a handful of results.
One of the few sections of interest for farmers referred to the use of waste biomass to generate electricity and heat.
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The canola industry has eyed the biofuel market as a potential avenue for growth. Speaking at an early November event in Winnipeg, Canola Council of Canada vice-president Curtis Rempel noted the hype that biofuels have created for the commodity. A significant chunk of the council’s research dollars are earmarked for processing technology to tailor canola for the new market, as well as yield to meet anticipated demand, he said.
“Biofuels seem to be taking the front-and-centre space for the oilseed sector, at least in Western Canada.”
The recent economic statement says that “during the course of production, industries like forestry and agriculture generate organic byproducts, such as leftover wood chips and crop residues, which have the potential to be used to generate affordable energy while also reducing emissions.”
Tax credits expanded
The statement proposed greater eligibility for the 30 per cent Clean Technology investment tax credit, which could play into the future of the biofuel market.
“This expansion … would be available to businesses investing in eligible property that is acquired and becomes available for use on or after the date of the 2023 Fall Economic Statement,” the document read.
Another tax credit expansion would see wider eligibility for the 15 per cent Clean Electricity investment tax credit, to include systems that produce electricity or a mix of electricity and heat from waste biomass. That tax break would be available as of the date of Budget 2024 for projects that did not begin construction before March 28, 2023.
– With files from Don Norman.
