December 12, 2019
Ontario livestock producers concerned about cash flow because of low market prices, increased costs and market backlogs may be considering their business risk management options.
Programs such as AgriStability can help when the unexpected affects a farm’s income, which is why two thirds of AgriStability payments processed this year have gone to livestock farmers.
Along with AgriStability, programs such as AgriInvest, Production Insurance and RMP have paid nearly $250 million this year, with more to come.
Livestock customers are receiving their RMP third-quarter payments in December.
Here are some ways farmers can access program funds more quickly.
Five ways to access program funds faster
Submit an AgriStability interim payment application – Applying for an AgriStability interim payment can provide cash flow now, when it’s needed most.
Customers concerned about income declines can apply for an interim payment. An interim payment is 50 per cent of a customer’s estimated final payment.
Agricorp specialists can answer questions about the interim payment application process. Understanding the process can help customers make reasonably accurate income and expense projections.
- Submit 2019 tax and program forms for AgriStability and AgriInvest as soon as possible after the farm’s fiscal year ends – Submitting tax and program forms ahead of deadlines leads to earlier processing of files. Agricorp can begin to process applicable payments once all forms and documentation are submitted.
- Withdraw funds from an AgriInvest account at any time – AgriInvest is a savings account with matching government contributions of one per cent of a producer’s allowable net sales. These funds can be used to cover small income declines or support other investments.
- Update Agricorp as soon as crops are harvested – Livestock producers who also have corn covered under Production Insurance and experienced a delayed harvest should call Agricorp by December 15 to provide harvest status updates. Agricorp can go over their coverage, discuss any damage that may have occurred and review their options.
- Call Agricorp to inquire about the status of recent claims – Not certain about the status of a claim or an AgriStability interim payment application? Call Agricorp to speak with a specialist today.