The National Trust for Canada has released a new report, Financial Measures to Encourage Heritage Development, created to assist the development community and governments at all levels when considering and assessing measures to encourage the rehabilitation of heritage properties in Canada.
Commissioned by the Federal-Provincial-Territorial Ministers’ Table on Culture and Heritage, the report draws on input from 27 stakeholders working in Canada’s heritage development industry in 8 provinces. As well as exploring the merits of financial stimulus measures, the report looks at the disincentives to heritage development. It is accompanied by a concise Discussion Guide detailing 14 potential financial incentives, and supplemented by a Simulation Model for assessing the potential revenue impacts of Income Tax Credit and Capital Cost Allowance measures.
Report findings show that the best potential measures to encourage heritage development include property tax relief, income tax credits, and grants.
“This ground-breaking report provides much needed analysis of the attitudes and preferences among developers and property owners, whom financial incentives must be designed to attract,” said Natalie Bull, the National Trust’s executive director. “We now have insight into the most desirable incentives for federal, provincial and municipal jurisdictions to consider. What a powerful resource for governments at all levels seeking to encourage heritage rehabilitation.”
At a September 10th meeting in Charlottetown, federal, provincial and territorial ministers responsible for culture and heritage had an opportunity to discuss the report. They recommended that working groups be established in each jurisdiction to develop specific recommendations for municipal, provincial, territorial and federal options to encourage heritage development.
Read the full report here.