New market opportunities in China
Federal Agriculture Minister Lawrence MacAulay recently concluded his second mission to China to secure new export opportunities for Canadian agricultural producers and processors.
MacAulay and a delegation of more than 100 industry representatives from across Canada visited the cities of Qingdao, Beijing and Shanghai.
Over the 10-day mission, meetings were held with Chinese ministers, agriculture and agri-food businesses and exporters.
MacAulay also attended two major trade shows in Qingdao and Shanghai to help promote Canadian products.
Canadian industry representatives said one-third of the 5,500 leads will result in future business.
They also reported $37 million in on-site sales and $230 million in anticipated sales over the next year, as well as a significant number of on-site sales and leads that will generate business.
Canada exported more than $6 billion worth of agricultural, agri-food and fish and seafood to China last year.
Top agricultural and agri-foods products include canola seed and canola oil ($2.6 billion), soybeans ($588 million), non-durum wheat ($333 million) and dried peas ($314 million).
Livestock Producers Receive Tax Relief
The federal government has released a list of designated regions in Alberta, Ontario and Quebec where livestock tax deferrals have been authorized for 2016 because of drought.
Low moisture levels resulted in significant forage shortages for livestock producers in those provinces, forcing some producers to sell all or part of their breeding herd.
Producers can defer a portion of their 2016 sale proceeds of breeding livestock until the next year to help replenish the herd.
The cost of replacing the animals in the next year offsets the deferred income and reduces the tax burden associated with the original sale.
Only producers located in the designated areas are eligible for the tax deferral.
Additional designations are being added to the list and will be released as soon as possible.