A weekly report prepared by the staff of the Ministry of Agriculture, Food and Rural Affairs (OMAFRA). For information call the Elora Resource Centre at 519-846-0941. Office hours: 8:30am to 4:30pm. For technical information, call at 1-877-424-1300 or visit www.ontario.ca/omafra.
New tax credit to benefit farmers and communities
A new tax credit is helping put nutritious, fresh, locally grown food on the plates of those who need it most.
The Food Donation Tax Credit for Farmers – the only one of its kind in Canada – is giving farmers a tax credit valued at 25 per cent of the fair market value of the agricultural products they donate to community food programs, including food banks and student nutrition programs.
The tax credit is a part of the Ontario government’s local food strategy and Local Food Act, 2013 to promote the good things that are grown and harvested across the province.
Building a stronger agri-food industry is part of the government’s economic plan to support a dynamic and innovative business climate, invest in people and invest in infrastructure.
Quick facts
– One-third of the 375,000 Ontarians served by a food bank every month are children;
– More than 600,000 children and youth participate in breakfast, snack and lunch programs in communities across Ontario; and
– Under the proclaimed legislation, farmers can claim the new tax credit for donations dating back to Jan. 1.
Ontario’s agri-food sector contributes about $34 billion to the province’s economy and supports more than 740,000 jobs across Ontario.
Starter Company: for young adults
Starter Company program is a key part of the Ontario’s Youth Job Strategy, which aims to invest $295 million over two years to help young people find jobs and start their own businesses while helping employers find skilled workers. Starter Company will provide mentoring, training and capital up to $5000 for youth to start, grow or buy a small business.
Eligible candidates are those Ontario residents between 18-29 years of age, not attending school full time, and looking to start a full-time business.
The program is 6-8 months in length, with ongoing mentoring and training. Starter Company will be delivered by the Small Business Enterprise Centres (SBECs), part of Ontario’s Network of Entrepreneur’s (ONE). Apply at any time through a Small Business Enterprise Centre.
Futurpreneur Canada
Futurpreneur Canada (former Canadian Youth Business Foundation) is a national charity providing pre-launch coaching, business resources, start-up financing and mentoring to help you start your own successful business. If you are 18-39 and have a business idea they can help.
The Futurpreneur program is all about support from the beginning of your entrepreneurial journey right through all of your milestones. Futurpreneur lends young entrepreneurs up to $15,000 for their start-up. Additional financing is available through other Futurpreneur services for a total of up to $45,000. Futurpreneur supports businesses of all kinds – skilled trades, technology, retail, services, and everything in between.
Futurpreneur does not require security for its loans – Futurpreneur lends on character and a great business plan. Plus, every entrepreneur is hand-matched with an experienced business mentor for a minimum of two years to allow knowledge sharing and ensure a higher success rate.
For more information about the program, eligibility criteria or community partners in the area, visit www.futurpreneur.ca.
Coming events
Oct. 17 – 19: Walkerton Fall Fair;
Nov. 7 – 16: Royal Winter Fair, Exhibition Place, Toronto;
Jan. 29 – Feb. 1: Guelph Organic Conference and Expo 2015, Guelph University Centre.
