Applications Being Accepted For Saskatchewan Value-Added Agriculture Incentive
The Government of Saskatchewan is now accepting applications for the Saskatchewan Value-Added Agriculture Incentive (SVAI).
The SVAI aims to improve investment attraction and retention outcomes in the value-added agriculture sector. It offers a non-refundable, non-transferable 15 per cent tax credit on capital costs for newly-constructed or expanded value-added agriculture facilities.
“There is an increasing global demand for food, fertilizer and fuel, and Saskatchewan is well-positioned to be a global export leader in those sectors,” Trade and Export Development Minister Jeremy Harrison said. “This initiative supports rural growth, provides outlets for locally-produced crops, and creates more opportunities to attract entrepreneurial talent and foreign investment.”
Projects that qualify for SVAI include new and existing value-added agricultural facilities with $10 million in new capital expenditures. To be eligible, projects must demonstrate that capital expenditures were made to create new production or to increase existing production. The benefit redemption is limited to 20 per cent in year one after the facility enters operation, 30 per cent in year two and 50 per cent in year three.
Value-added agriculture refers to transforming or upgrading raw or primary agricultural products, agricultural by-products or waste into a new product. Examples include pea protein processors, oat milling operations, malt producing operations, cannabis oil facilities and more.
Applications for the SVAI will be accepted until December 31, 2022.
To learn more and apply, please visit www.saskatchewan.ca/Business/Investment-and-Economic-Development/Business-Incentives-and-Tax-Credits/Saskatchewan-Value-Added-Agriculture-Incentive.