By Alice McFarlane

Improvements to Saskatchewan value-added agriculture Incentive tax rebates

Apr 12, 2022 | 12:00 PM

MELFORT, Sask. – Enhancements to provincial programs designed to attract investment in Saskatchewan have been introduced in the legislature.

There will be some changes to Saskatchewan Value-added Agriculture Incentive (SVAI) tax rebates and regulations to increase the Saskatchewan Technology Start-up Incentive (STSI) tax credit cap.

Deputy Premier and Finance Minister Donna Harpauer said the SVAI has helped encourage global corporations to undertake major projects in Saskatchewan.

“These corporations are investing billions, creating construction and permanent jobs, and establishing Saskatchewan’s leadership in value-added agriculture,” Harpauer said.

The SVAI is a non-transferable 15 per cent tax rebate on capital expenditures valued at $10 million or more for newly constructed or expanded value-added agriculture facilities in Saskatchewan.

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The legislation caps the dollar value of the SVAI credit at $250 million, meaning no single project can be eligible for more than that amount of SVAI tax relief.

The STSI encourages investment in early-stage technology start-ups that develop new products and create jobs. The program offers a non-refundable 45 per cent tax credit to Saskatchewan-based investors who invest in eligible technology start-up businesses.

Agriculture Minister David Marit said Saskatchewan has seen a number of large projects announced including Richardson International doubling capacity in Yorkton, Federated Co-op partnering with AGT Food and Ingredients, Viterra building a new canola crush plant and Cargill adding a second processing facility.

He said these companies are making major investments to value add in the agriculture sector which is good for farmers and the economy.

“Obviously what it does is improve the bottom line for producers where they will capture a higher value for their product,” Marit said.

In 2021, there was a record $17.5 billion in agri-food exports from Saskatchewan.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW