Amount:

No Fixed Amount

Type of Program:

Compensation


Description:

Ontario's Beef Cattle Financial Protection Program provides financial protection to beef cattle sellers when a licensed dealer defaults on payment.

Comments on Funding:

Two types of claims can be made against the fund:

  1. 1
     Cattle sellers may make a claim if a licensed dealer defaults on payment. Compensation is 95% on approved claims.
  2. 2
    Licensed dealers may make a claim if a producer defaults on payment. Compensation is 85%, up to a maximum of $125,000. 

There is no compensation for claims less than $5,000.


When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Sellers can be:

  • beef producers;
  •  licenced dealers; or
  • auction markets.

Dealers include:

  • packing plant operators;
  • abattoir operators;
  • auction market operators;
  • country dealers. 

All dealers must be licensed by the Ontario Ministry of Agriculture, Food and Rural Affairs.

Applications Steps:

Applicant must:

1

immediately notify Agricorp if payment is late (see payment deadlines bellow).

For information on how to obtain a dealer license or make a claim, contact Agricorp at 1-888-247-4999.

Payment Deadlines

1

If the sale is $15,000 or less: Buyers must ensure that payment is made so it can be deposited in the seller's bank no later than 1:00 p.m. on the ninth business day following the day of sale.

2

If the sale is $15,001 or more: Buyers must ensure that the payment is made so that it can be deposited in the seller's bank no later than 1:00 p.m. on the sixth business day following the day of sale.

Sellers making a claim must apply to the Livestock Financial Protection Board within 30 days of the day of sale. Sellers may also make a claim if a dealer has ceased operation or if a dealer's assets were placed under a trustee or receiver.

Other Things to Note:

The Livestock Financial Protection Board (LFPB) manages the fund and determines if a claim should be paid.

Agricorp supports the ministry in licensing dealers, collects the check-off fees and supports the LFPB.

The Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) manages program policy, licensing decisions, investigations and enforcement.

About the author 

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business.
Click here to learn more about Moe's background and how he can help your business.

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