Unlocking Opportunities - How Saskatchewan's 2024 Provincial Budget Bolsters Agriculture and Innovation
The 2024 Saskatchewan Provincial Budget is allocating significant investment into agriculture, clean energy, labour development, and natural resources; all of which will set a solid foundation for long-term economic growth.
Saskatchewan’s 2024 Provincial Budget is a testament to its enduring commitment to agriculture and sustainable resource development. By allocating a significant $570.6 million to the agricultural sector, with a 4.1% increase from the previous year, the province is setting a solid foundation for economic growth and sustainability.
Enhancing Agriculture and Sustainable Growth
The budget commits $431.7 million to essential risk management programs like Crop Insurance and AgriStability, which are vital for supporting sustainable agricultural growth. It also includes:
- $89.4 million from the Sustainable Canadian Agricultural Partnership, aimed at improving water and energy efficiency and managing inputs more effectively.
- $38 million dedicated to advancing agricultural research, ensuring that Saskatchewan remains at the forefront of agricultural innovation.
Global Leadership in Agricultural Exports
Saskatchewan’s role as a leader in agricultural exports is bolstered by this budget. In 2023, the province recorded its fourth consecutive year of record agri-food exports, totaling $20.3 million. The budget’s increased investments in agriculture and agri-food emphasize the global significance of Saskatchewan’s agricultural products.
2024 Saskatchewan Provincial Budget – Key Highlights
The 2024 budget also focuses on several critical areas aside from agriculture:
- Labor Development: Over $60 million allocated for essential skills training to help underemployed and unemployed individuals.
- Energy and Natural Resources: $53.8 million dedicated to supporting the responsible extraction and utilization of natural resources.
- Public Geoscience: A $10 million investment to enhance exploration efforts, aligning with the province’s critical mineral strategy.
- Clean Energy: $140 million for the Clean Electricity Transition Grant, aimed at facilitating the transition to renewable energy and reducing greenhouse gas emissions.
- Forest Industry: Increased funding to accelerate the Forest Resource Inventory Project, aiming to double the size of Saskatchewan’s forest industry.
SR&ED Tax Credits and Funding Opportunities
Saskatchewan’s budget presents numerous opportunities for businesses, particularly through the Saskatchewan Lean Improvements in Manufacturing (SLIM) program, which offers significant incentives for agri-food processors looking to expand and innovate.
Partner with Ayming for Growth
At Ayming, we specialize in helping companies navigate these government funding opportunities to fuel innovation and sustainable growth. Our experts are ready to assist you in leveraging these initiatives to enhance your operations and profitability.
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