Agricorp AgriStability (2022)
Description:
AgriStability protects producers from large declines in their farming income caused by production loss, increased costs or market conditions. Farmers may receive a payment if their production margin in the current year falls below their historical reference margin by more than 30%.
Applicants who farm in Manitoba, New Brunswick, or Newfoundland and Labrador, and file their taxes on the cash basis, can take part in a new pilot for the 2020 and 2021 program years. Under the pilot, they can have their reference margin based on the cash income and expenses they report for income tax purposes with no accrual adjustments. The pilot will allow them to align their reference margin with their tax filing method.
Comments on Funding:
If the applicant’s production margin falls below his payment trigger, AgriStability will pay him 70% of the difference. The maximum payment applicants may receive under AgriStability in a program year is $3 million.
2021 AgriStability interim payment rate increased to 75% and late participation for Manitoba producers.
Eligibility:
The applicant must:
The applicant may also need to comply with certain conditions set by his province or territory to receive a benefit.
Participants include:
Applications Steps:
Applicants must:
Once they are enrolled, AAFC will send you an Enrolment Notice, showing them the fee they have to pay to participate. They also have to pay a $55.00 administrative cost share.
Documentation Needed:
To apply for a payment, applicants must submit their Year-end Report and Claim Form and schedules, as well as the correct tax form described below:
- Individuals send the T1163 to Canada Revenue Agency;
- Corporations, trusts, and special individuals send the Statement A to Agricorp.
Other Things to Note:
- AgriStability is one of the three federal-provincial-territorial (FPT) Business Risk Management (BRM) programs under the Canadian Agricultural Partnership. The other two are: AgriInsurance and AgriInvest.
- AgriStability is delivered by the federal government in Manitoba, Newfoundland and Labrador, Nova Scotia, New Brunswick, and Yukon.
- AgriStability is delivered provincially in British Columbia, Alberta, Saskatchewan, Ontario, Quebec, or Prince Edward Island. In Ontario the program is delivered by Agricorp. The initial deadline to pay their fee without penalty is April 30. If applicants miss the April 30 deadline, they have until December 31 to pay their fee with a penalty equal to 20% of their fee.
When It Ends:
Ongoing
Deadline:
March 31, 2022 – to apply for a 2021
Interim payment;
April 30, 2022 – to enroll for the 2021 program year and pay your fee without penalty;
December 31, 2022 – to enroll for the 2022 program year and pay your fee with penalty.