New Risk Management Program (RMP) helps manage farm risk in Ontario
Ontario producers of cattle, hogs, sheep and veal can now apply for the new Risk Management Program (RMP) for livestock. As of today, applications are available on agricorp.com and participant packages are being mailed to eligible livestock producers. The deadline to apply for all RMP for livestock plans is October 14, 2011.
To make enrolment easy, producers can apply online at www.agricorp.com. The online application provides 24/7 access, letting producers complete and submit applications when it’s most convenient for them. Ontario producers of cattle, hogs, sheep and veal who filed a T1163 with the Canada Revenue Agency, or a Statement A with Agricorp for 2009, will automatically receive a participant package by mail. Producers can also request a package by calling Agricorp at 1-888-247-4999.
RMP for livestock, like all plans under RMP, works like insurance, where producers select their coverage level, pay premiums, and receive a payment if the average market prices for enrolled livestock fall below the support level. For 2011 only, premiums are waived and all participants are enrolled at the 100 per cent coverage level.
The new Risk Management Program helps producers manage risks beyond their control, like fluctuating costs and market prices. The program was designed in collaboration with the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA), Agricorp and industry representatives.
Producers are invited to visit the ministry’s RMP website (ontario.ca/rmp) or contact their commodity group representatives for a schedule of upcoming information sessions, where plan-specific information will be provided by RMP specialists from OMAFRA and Agricorp.