Program Still Available to Agriculture Sector

Nova Scotia farmers affected by this year’s extreme weather events can still receive assistance under the AgriStability program, even if they did not previously enrol.

AgriStability supports farmers experiencing a large decline in farm income by providing protection for income losses of more than 30 per cent.

“Nova Scotia's agricultural businesses have faced real challenges due to several extreme weather events this year. That’s why we are working with the Government of Canada to help the agriculture sector,” said Agriculture Minister Greg Morrow. “We are giving farmers who need income support more opportunity to get it, if their incomes have dropped sharply due to damaging rains, extreme heat, wildfires or other conditions.”

Farmers who did not previously enrol in AgriStability for 2023 can now participate in the program as late participants until December 31, 2024.

AgriStability is one of the business risk management programs offered under the Sustainable Canadian Agricultural Partnership (Sustainable CAP). The program is cost-shared 60 per cent federally and 40 per cent provincially/territorially.

Quotes:

“Wildfires, wet conditions and floods have had a devastating impact on Nova Scotia’s agriculture industry this year. By allowing late participation in the AgriStability risk management program, we are ensuring producers have the time and support they need to protect their operations.”

– Lawrence MacAulay, federal Minister of Agriculture and Agri-Food

Quick Facts:

• although the April 30, 2023, deadline has passed, the Department of Agriculture, in collaboration with the federal government, has agreed to implement late participation
• AgriStability compensates margin declines greater than 30 per cent at 80 cents for every dollar of decline past that point
• to encourage proactive enrolment, payments to those who sign up late will be reduced by 20 per cent
• the provincial and federal governments announced the new Sustainable CAP bilateral agreement in May 2023 and will invest $46.25 million over five years in Nova Scotia’s agriculture sector, in addition to investing in several business risk management programs for the sector
• enrolling in AgriStability can provide farmers access to other credit options, such as the federal Advanced Payments Program, which offers low-cost cash advances

Additional Resources:

AgriStability program: https://agriculture.canada.ca/en/programs/agristability

Sustainable Canadian Agricultural Partnership (Sustainable CAP): https://agriculture.canada.ca/en/department/initiatives/sustainable-canadian-agricultural-partnership