The enrolment deadline for the AgriStability program is just under two weeks away. AgriStability is a federally-backed risk management program offering financial assistance to producers who experience large margin declines due to production loss, adverse market conditions, or increased costs according to its website.
The program is available to producers across Canada, however, there are some delivery differences depending on which province you live in. If you live in Manitoba, New Brunswick, Nova Scotia, Newfoundland and Labrador, or Yukon, the program is delivered by the federal government. Those in British Columbia, Saskatchewan, Alberta, Ontario, Quebec, or Prince Edward Island, the program is delivered provincially.
In order to enrol in the program, a producer has to call 1-866-270-8450 and request a new participant package. If you have participated in AgriStability in the last two years, the government will automatically send you an enrolment notice where possible or send you an invitation to participate.
According to a news release, AgriStability accounts for a producer’s whole farming operation; not just one commodity. Which means it provides coverage for each farm by using historical information, based on income tax and supplementary information. If a producer’s program year margin falls more than 30 per cent below their reference margin, AgriStability could provide a benefit payment. The payment provides 70 cents for every dollar of benefit triggered.
Once in the program, farmers will receive an AgriStability Enrolment/Fee Notice. The program fee is $3.15 for every $1,000 of covered Contribution Reference Margin. A $55 fee is also applied for administrative costs. All participants are given 30 days from the date on their Enrolment/Fee Notice or until April 30, 2019, whichever is later, to pay these fees. If the annual program fee is paid after the initial deadline, a 20 per cent penalty fee will be added.