Specific to Canada’s beef farmers and ranchers, the Fall Economic Update, announced on December 14, 2021, included references to weather events like the summer’s widespread drought and wildfires and the recent floods in British Columbia. Finance Minister, Chrystia Freeland, highlighted the impacts on agriculture, as well as Canada’s economic recovery. Minister Freeland also outlined previously announced support, noting that further increases in prices may continue to impact Canadians and trade flows.
In line with the Government’s climate policies and price on pollution, the statement recognized that many farmers and ranchers use natural gas and propane in their operations, and consistent with the Budget 2021 commitment, the government proposes to return fuel charge proceeds directly to farming businesses in backstop jurisdictions (currently, Ontario, Manitoba, Saskatchewan and Alberta) via a refundable tax credit starting for the 2021-22 fuel charge year. Details of the carbon rebate can be found in the full report (page 81). CCA is currently seeking further clarity on how the carbon rebate will function.
Other notables for Canada’s beef sector include:
To help strengthen supply chains and address bottlenecks, in 2021-22, the government will launch a new, targeted call for proposals under the National Trade Corridors Fund to assist Canadian ports with the acquisition of cargo storage capacity and other measures to relieve supply chain congestion. The fund will dedicate up to $50 million to support eligible priority projects. Further details on the targeted call for proposals will be announced in the coming weeks. (Page 13)
The government proposes to provide $85 million in 2022-23 so that it can process more permanent resident and temporary resident applications and reduce processing times in key areas affected by the pandemic. This will help to ensure Canada’s immigration system is well- positioned to help meet Canada’s economic and labour force goals. (Page 14)
References to increased food prices was mentioned in connection to extreme weather events, as well as general increased cost of living.
You can read the full economic update here: Economic and Fiscal Update 2021
Later in the week on December 16, 2021, Prime Minister Justin Trudeau released ministerial mandate letters. The Canadian Cattlemen's Association is doing a more thorough analysis with both the opportunities and challenges specific to the beef sector, which will be released it in the next few weeks.
Click here to view the full mandate letters: Mandate Letters
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