AgriStability
Highlights
This program is designed to support your farm by protecting against large declines in income due to production loss, increased costs, or market conditions. AgriStability offers a margin-based approach, ensuring you receive compensation when your current year's production margin falls significantly below your historical reference margin. Starting in 2023, the compensation rate has increased to 80%, meaning you get more support when you need it most.
Key Benefits:
- Increased Compensation Rate: Now at 80%, up from 70%.
- Financial Protection: Covers 80% of income loss beyond a 30% decline.
- Flexible Use: Funds can be used to manage various financial challenges.
Applying for AgriStability is straightforward, and as a qualifying business, you can expect significant support during tough times. This program is easier to qualify for than many other financing options, providing a reliable safety net for your agricultural business.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Production loss
- Increased costs
- Market condition impacts
Use of Funds:
- Funds can be used to cover large declines in farming income.
- Specifically designed to help manage significant income drops.
Restrictions:
- Funds cannot be used for expenses unrelated to farming income losses.
Fees:
- Annual enrolment fee required.
- No additional fees mentioned.
Qualifications
- Must be a Canadian producer.
- Must experience large declines in farming income due to production loss, increased costs, or market conditions.
- Must enrol in the program annually.
- Must pay the program fee.
- Must submit the required form by the applicable deadlines.
Must be located in one of the following regions:
- Manitoba
- Newfoundland and Labrador
- Nova Scotia
- New Brunswick
- Northwest Territories
- Yukon
- British Columbia
- Alberta
- Saskatchewan
- Ontario
- Quebec
- Prince Edward Island
Disqualifications:
- Businesses not involved in agricultural production.
- Businesses not experiencing significant income declines.
- Businesses failing to enrol annually or missing deadlines.
Description
AgriStability helps protect your business from big drops in income due to production losses, increased costs, or market changes. You can receive up to 80% compensation if your current year's production margin falls more than 30% below your historical reference margin. This means you get financial support when you need it most.
The program covers a wide range of losses, ensuring you have the funds to manage unexpected challenges. You can use the money to cover operational costs, invest in new equipment, or stabilize your business during tough times.
Each year, you need to enrol in the program, pay a fee, and submit a form by the deadlines. This commitment ensures you have a safety net in place, giving you peace of mind and financial stability.
Program Steps
Gather Necessary Information:
- Understand the program requirements and deadlines.
- Use the AgriStability Benefit Estimator to calculate an estimated benefit.
Prepare Documentation:
- Financial statements for the current year.
- Historical financial records.
- Production records.
- Receipts for expenses and income.
- Any other documents that show your farming income and expenses.
Complete the Application Form:
- Fill out the AgriStability program forms accurately.
- Ensure all sections are completed as required.
Submit the Application:
- Send the completed forms and documentation to the appropriate federal or provincial office.
- Make sure to submit before the final deadline.
Pay the Enrollment Fee:
- Pay the required fee for program enrollment.
- Keep a record of your payment for future reference.
Follow Up:
- Check the status of your application.
- Provide any additional information if requested by the program administrators.
Manage Your Account:
- Keep track of your enrollment and payment status.
- Update your information as needed for future program years.