July 29, 2019
Ontario farmers who are in AgriStability don't need to wait to apply for a 2019 AgriStability payment. AgriStability interim payment applications are now available; interim payments can provide cash flow sooner, when it's needed most. Interim payments are 50 per cent of a farmer's estimated final payment.
Agricorp specialists are here to answer any questions about the interim payment application process. Understanding the process can help customers make sure their income and expense projections are reasonably accurate for the year ahead.
Recent challenges, such as the difficult planting season and market disruptions, may be posing financial difficulties to some farmers. For 2019, farmers have benefitted from more than $2.2 million in interim payments already, which is higher than the interim payments farmers received in each of the previous three years.
How do interim payments work?
AgriStability is designed to cover large declines in net income caused by production loss, increased costs or market conditions.
Farmers whose income has declined more than 30 per cent can contact Agricorp to apply for an interim payment. Customers can call Agricorp at 1-888-247-4999 or complete an interim payment application.
In addition, AgriStability participants who are experiencing financial distress can call Agricorp to ask for their 2018 forms to be prioritized for review.
Get payments up to seven days faster
Farmers have enough to do without the hassles of cheques. They can get cash in their account five to seven days faster with direct deposit. Direct deposit is convenient, reliable and secure.
To sign up, customers can call Agricorp or go to agricorp.com/directdeposit. All customers need is a void cheque and a few minutes of their time to make things a little easier.