No Fixed Amount
Type of Program:
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:
- 1Cattle sellers may make a claim if a licensed dealer defaults on payment. Compensation is 95% on approved claims.
- 2Licensed 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:
Sellers can be:
All dealers must be licensed by the Ontario Ministry of Agriculture, Food and Rural Affairs.
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.
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.
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.