March 25, 2020 | Updated: December 2, 2020
In a year full of the unexpected, AgriStability can help if farmers had a big drop in net income. An AgriStability interim payment could provide cash flow now – when farmers need it most.
Ontario farmers who participate in AgriStability can apply for a 2020 AgriStability interim payment and receive 75 per cent of their estimated final payment.
Previously, farmers could only receive 50 per cent of their estimated final AgriStability payment. The change is in response to the challenging situation many farmers are currently facing.
So far in 2020, more than $13 million in interim payments has been paid to farmers.
Ontario farmers in AgriStability can apply for an interim payment. Here's how:
Agricorp will contact customers who have already received a 2020 AgriStability interim payment to determine if they want to receive an increase in their interim payments.
AgriStability is designed to cover large declines in net income caused by production loss, increased costs or market conditions.
AgriStability has helped many Ontario farmers in recent years. For example, when livestock farmers faced falling market prices in 2015 and 2016, AgriStability paid them $80 million. Also, AgriStability made significant payments to growers who faced rising costs for greenhouse operations from 2015 to 2017.