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By rdnewsNOW Staff

APPLY BY APRil 30 FOR 2025 COVERAGE

Upcoming changes to AgriStability program meant to save farmers time and money

Oct 17, 2024 | 4:29 PM

Changes are coming to the Agriculture Financial Services Corporation’s (AFSC) AgriStability program to address challenges like burdensome paperwork and high accounting fees that can hinder farmer productivity.

According to AFSC, a new option to align AgriStability reporting with tax filing for 2025 is expected to result in less paperwork, reduce accounting fees, and make enrolment and participation in the program much easier.

The deadline to submit program forms to AFSC is also being shortened, which should lead to earlier payments. Officials say enrolling in AgriStability can also provide producers access to other credit options like the federal Advance Payments Program, which offers low-cost cash advances.

“We value the dedication and adaptability of our province’s farmers. These changes to the AgriStability program will better respond to each producer’s unique situation, making the program more predictable, timely and simpler to access, which is what producers have been asking for,” said RJ Sigurdson, Minister of Agriculture and Irrigation.

AgriStability is described as an individual, whole-farm, margin-based program that aims to help producers who experience margin declines greater than 30 per cent due to production loss, adverse market conditions and increased costs. In 2023, officials note it also increased compensation for margin declines exceeding 30 per cent, offering 80 cents per dollar of decline, up from the previous rate of 70 cents.

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“Farmers can often face uncertainty, and programs like AgriStability help them to protect their operations,” commented Lawrence MacAulay, federal minister of agriculture and agri-food. “To make things a little bit easier, we’ve made changes to the AgriStability program that will reduce paperwork, so our farmers can get the support they need, faster, and continue producing top-quality products.”

AgriStability is one of the business risk management programs under the Sustainable Canadian Agricultural Partnership. The deadline to apply for 2025 program coverage is April 30, 2025.

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