How to get a handle on agricultural finances

by | Feb 9, 2023 | Home and Living, Living

Farming is a tough business. Balancing the books and staying profitable can be challenging, especially during a year with bad weather, a disease outbreak or staffing shortages. Fortunately, there are support services that can help if you’re a farmer who is having trouble with finances or debt.

Farm Debt Mediation Service (FDMS) is a free federal service that offers financial counselling and mediation services. The voluntary, confidential and private service is made for farmers who can’t pay or stopped paying their current debt, or who couldn’t cover that debt with the sale of their property.

One way the service can work is by assigning a financial consultant and a mediator to work with farmers. The consultant will meet with you to better understand your debt and help develop a recovery plan. The mediator will bring you and your creditor(s) together in a neutral space to help find an acceptable repayment agreement, which is a more affordable option than trying to settle financial disputes in court.

If you’re a farmer having a difficult time with your finances, look into how this service might help you return to your
regular business sooner and with more confidence.

Find out more at agriculture.canada.ca/fdms

Related Content

Renovation projects that can add value to your home

Renovation projects that can add value to your home

Summer is a time to stretch your legs and enjoy the warm weather with your family and friends. During this time, many people are also looking to make upgrades to their home. Whether you’re looking to add more value to your home, make a few eco-friendly improvements or...

read more
3 tips for a perfect lawn this summer

3 tips for a perfect lawn this summer

A healthy, green lawn can add value to your property, create a space for entertainment and even help absorb pollution. Here are some tips to grow a lawn you’re proud of. First, mow high, meaning set the blade of your lawnmower for a two-and-a-half to three-inch cut,...

read more
Setting your kids up for success

Setting your kids up for success

Setting children up for success goes beyond academic achievements and providing material things. It also involves instilling values of compassion, empathy and community engagement that lay the foundation for a fulfilling and purposeful life. Here are three key...

read more
How to stain your deck

How to stain your deck

Your deck is the perfect place to enjoy your time as the weather gets warmer. If it’s starting to look a little worn out, staining your wooden deck can help you breathe new life into your outdoor space. Here’s a step-by-step guide to help you get started. Choose the...

read more
Top tips for organizing your garage

Top tips for organizing your garage

Whether your garage is a workshop, storage area or simply a place for your car or truck, having the right systems in place can keep it organized all year long. Here are some tips to make your garage work best for your needs. Start with a clean slate It’s always easier...

read more