How farmers can reduce financial risk

by | Feb 9, 2023 | Featured Finance, Finance and Business, Health and Wellness

Farming is becoming more and more unpredictable with the constantly changing environment. Managing the impacts of climate change, fluctuating weather, crop and livestock disease, high input costs and low commodity prices, makes farming a risky business. But there are programs out there that can help.

AgriStability is one program that may help if you face declines in farming income due to production loss (from weather or disease), increased costs or market conditions. The program, which is funded by federal, provincial and territorial governments, offers protection for your whole farm at an affordable rate, so you can receive payments in times of financial distress.

It is part of a group of business risk management programs to help farmers manage risks from severe market downturns and disaster situations. It’s delivered by the federal government in Manitoba, New Brunswick, Nova Scotia, Newfoundland and Labrador, and Yukon, and provincially everywhere else.

To qualify, you must have farmed for at least six straight months during the program year, reported your farming income (or loss) to the Canada Revenue Agency for tax purposes, and completed (or attempted to complete) a production cycle during the program year. Individuals, co-operatives and corporations are all eligible. To participate, simply enroll by the deadline, pay your fee and submit your program forms after completing your fiscal year.

Find more information at agriculture.canada.ca/agristability.

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