The AgriStability program has reopened for late participation so producers affected by wildfires and drought can consider enrolling to manage business risks.
Alberta producers can sign up for AgriStability until Sept. 29. The Government of Alberta and Agriculture and Agri-Food Canada have reopened the program recognizing that wildfires and extremely dry conditions have affected many farmers and ranchers since the April 30 enrolment deadline. This gives affected producers more time to review and manage the business risks associated with these challenging situations.
AgriStability protects Canadian producers against large declines in farming income due to production loss, increased costs and market conditions. The program is offered through the Sustainable Canadian Agricultural Partnership (Sustainable CAP), which is a shared commitment between federal, provincial and territorial governments.
“Our government has listened to farmers and ranchers who have been impacted by wildfires and drought. We know they need support options to make it through this growing season. Allowing late participation in AgriStability will enable them to reassess their business risks and make an informed decision about signing up to protect their operations and livelihoods.”
RJ Sigurdson, Minister of Agriculture and Irrigation
Enrolling in AgriStability can provide producers with access to other credit options like the federal Advanced Payments Program, which offers low-cost cash advances.
“Alberta’s producers have shown great resiliency and the ability to rise to the extreme challenges brought on by wildfires and drought. Risk management programs like AgriStability are essential to help producers manage these threats to their operations, and we want to ensure they have the time they need to make decisions that are right for their business.”
Lawrence MacAulay, Minister of Agriculture and Agri-Food Canada
In Alberta, producers sign up for AgriStability and access benefits through Agriculture Financial Services Corporation. Alberta farmers and ranchers are encouraged to sign up for late participation if they believe they have experienced a significant loss. Factors such as reduced income, increased expenses or reduced inventory are used to determine a potential benefit.
“This has been a challenging year for many Alberta producers as they deal with the impacts of wildfires and now dry conditions. AFSC is proud of its role in Alberta’s agriculture industry and we are working to ensure our producers receive the help they need.”
Darryl Kay, CEO, Agriculture Financial Services Corporation (AFSC)
- AgriStability is one of the Business Risk Management programs under the Sustainable CAP.
- AgriStability compensates margin declines greater than 30 per cent at 80 cents for every dollar of decline, which is an increase from the previous 70 cents.
- Payments to those who sign up through late participation will be reduced by 20 per cent to encourage proactive enrolment.
- The Sustainable CAP is a five-year, $3.5-billion investment by federal, provincial and territorial governments to strengthen competitiveness, innovation and resiliency of the agriculture, agri-food and agri-based products sector. This includes $1 billion in federal programs and activities and a $2.5-billion commitment that is cost-shared 60 per cent federally and 40 per cent provincially/territorially for programs that are designed and delivered by provinces and territories.