May 29, 2020 | Updated: June 10, 2020
Farmers are currently facing several unique challenges in operating their farm businesses, and knowing how their coverage works is important. Agricorp is here to help.
Agricorp delivers business risk management programs that cover a variety of risks. Farm businesses anticipating hardships this year may want to consider
AgriStability as an important part of their farm's risk management plan.
AgriStability offers whole farm coverage designed to cover large declines in net income in times of disaster, which includes an option for interim payments.
New for 2020,
interim payments of 75 per cent are available for AgriStability.
New AgriStability estimator tool
To help farmers understand how AgriStability works, Agriculture and Agri-Food Canada (AAFC) has developed an
AgriStability estimator showing how program benefits are calculated and how different scenarios can affect a farmer's operations.
To use the estimator, farmers can enter high-level estimates. These estimates can be drawn from the
Statement of Farming Activities that farmers file each year to the Canada Revenue Agency, or farmers can also use information from their previous
AgriStability Calculation of Program Benefits statements.
For answers to questions about the estimator,
visit the help guide on the AAFC website.
More time to enrol in programs
AgriStability and other programs that Agricorp delivers work together to create a broad risk management plan. Farmers can optimize their coverage by participating in all of the programs that are right for their businesses.
2020 enrolment timelines have been extended to give farmers more time and flexibility to make business decisions and assess their program coverage needs. See enrolment dates in the table below.
Different programs cover different risks
RMP / SDRM|
|Large declines in net income||✔|
|Lower market prices||✔||✔|
|Yield reductions and quality losses caused by weather, infestation, disease or wildlife||✔||✔|
| ||enrol by|
July 3, 2020
June 1, 2020
RMP – enrol by
June 30, 2020
SDRM – deposit or withdraw in fall 2020