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Agriculture

Farm Safety Net Programs

AgriInvest

AgriInvest is a savings account for producers, supported by governments, which provides for coverage for small income declines (normally covers a drop of 15 per cent or less) and allows for investments that help mitigate risk or improve market. income.

Your AgriInvest account builds as you make annual deposits based on a percentage of your Allowable Net Sales (ANS) and receive matching contributions from federal, provincial and territorial governments. You can withdraw funds from your AgriInvest account at any time

Starting with the 2013 program year, you can deposit up to 100% of your Allowable Net Sales annually, with the first 1% matched by governments. The limit on matching government contributions is $15,000 per year.

The calculation of ANS is based on a producer's farm income tax information. To be eligible for AgriInvest, a producer must file taxes by September 30, following the end of the program year. If a producer misses the deadline, taxes can still be submitted within the next three months (up to December 31). However, the maximum matchable deposit will be reduced by five percent for each month (or part of month) that the tax is submitted late.

Links:

www.agr.gc.ca/agriinvest

www.afsc.ca

AgriStability

The AgriStability program provides compensation and support for participating producers who experience a large decline in farm margins for their whole farming operation.  Producers can experience significant margin declines due to any number of circumstances, such as production shortfalls, falling commodity prices, and/or rising input costs. 

Eligible participants receive compensation when their program margin declines by more than 30 per cent of their support level in one fiscal year.

AgriStability is based on margins:

Program margin - your allowable income minus your allowable expenses in a given year, with adjustments for changes in receivables, payables and inventory. These adjustments are made based on information you submit on the AgriStability Application.

Reference margin - your average program margin for three of the past five years (the lowest and highest margins are dropped from the calculation). Your reference margin will be limited to the lower of your historical reference margin or your average allowable expenses for the years used to calculate your reference margin

Should your production margin fall below 70% of your reference margin in a given year, you will receive a program payment.

Links:

www.afsc.ca

Application Fee

All participants will receive annual notices of what their fee will be. The notice will indicate the due date for this fee. Failure to pay this fee will make the participant ineligible to participate in AgriStability for that program year. This fee is in addition to the $55 administration fee that is deducted from any benefits that a participant may receive.