June 25, 2021
The Government of Ontario has moved ahead with increasing the compensation rate for
AgriStability from 70 to 80 per cent on the provincial portion. The increased coverage is effective as of the 2020 growing season.
The provincial increase to the compensation rate is in addition to the combined federal and provincial support
announced on March 25 to remove the reference margin limit (RML) and extend the 2021 enrolment and fee date to June 30, 2021.
These three changes will better help Ontario farmers who have been impacted by large income losses from factors outside of their control, such as production losses, increased costs or market conditions.
What you need to know about AgriStability enhancements
|Increased compensation rate from 70 per cent to 80 per cent on the provincial portion of AgriStability payments |
AgriStability is part of the suite of programs established under the Canadian Agricultural Partnership agreement on agricultural policy, which means costs are shared by the federal and provincial governments on a 60:40 basis.
The new compensation rate for the provincial portion is now 80 per cent, effective as of the 2020 program year.
The compensation rate for the federal portion is 70 per cent.
|Removal of the RML|
The goal of removing the RML is to help farmers in need by increasing the level of support for agricultural operations with lower allowable expenses.
RML will be removed from AgriStability calculations, effective as of the 2020 program year.
|More time to apply for the 2021 program year|
Farmers now have until June 30, 2021 to enrol in AgriStability for 2021 and pay the fee.
The extension give farmers more time and flexibility to make business decisions and assess their program coverage needs.
New participant forms are available on Agricorp.com.
AgriStability also includes an option for
interim payments, which farmers can apply for if they are in financial distress and have completed six months of their fiscal year.
More information coming soon
Agricorp is currently working with the Ontario Ministry of Agriculture, Food and Rural Affairs on implementing these changes. Stay tuned to agricorp.com for more information.