Good day,
The province submitted a news release stating
AgriStability is still available to the Ag sector. Here is a link to the full
release: https://novascotia.ca/news/release/?id=20230908001 or you can read it below.
MEDIA RELEASE: Agri-Stability Extension
AGRICULTURE--Program Still Available to Agriculture Sector
September 8, 2023 - 9:20 AM
Nova Scotia farmers affected by this year’s extreme weather
events can still receive assistance under the AgriStability program, even if
they did not previously enrol.
AgriStability supports farmers experiencing a large decline
in farm income by providing protection for income losses of more than 30 per
cent.
“Nova Scotia's agricultural businesses have faced real
challenges due to several extreme weather events this year. That’s why we are
working with the Government of Canada to help the agriculture sector,” said
Agriculture Minister Greg Morrow. “We are giving farmers who need income
support more opportunity to get it, if their incomes have dropped sharply due
to damaging rains, extreme heat, wildfires or other conditions.”
Farmers who did not previously enrol in AgriStability for
2023 can now participate in the program as late participants until December 31,
2024.
AgriStability is one of the business risk management
programs offered under the Sustainable Canadian Agricultural Partnership
(Sustainable CAP). The program is cost-shared 60 per cent federally and 40 per
cent provincially/territorially.
Quotes:
"Wildfires, wet conditions and floods have had a devastating impact on
Nova Scotia's agriculture industry this year. By allowing late participation in
the AgriStability risk management program, we are ensuring producers have the
time and support they need to protect their operations."
- Lawrence MacAulay, federal Minister of Agriculture
and Agri-Food
Quick Facts:
-- although the April 30, 2023, deadline has passed, the Department of
Agriculture, in collaboration with the federal government, has agreed to
implement late participation
-- AgriStability compensates margin declines greater than 30 per cent at 80
cents for every dollar of decline past that point
-- to encourage proactive enrolment, payments to those who sign up late will be
reduced by 20 per cent
-- the provincial and federal governments announced the new Sustainable CAP
bilateral agreement in May 2023 and will invest $46.25 million over five years
in Nova Scotia's agriculture sector, in addition to investing in several
business risk management programs for the sector
-- enrolling in AgriStability can provide farmers access to other credit
options, such as the federal Advanced Payments Program, which offers low-cost
cash advances
Additional Resources:
AgriStability program: https://can01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fagriculture.canada.ca%2Fen%2Fprograms%2Fagristability&data=05%7C01%7CBruce.X.Nunn%40novascotia.ca%7C69dc73af5b2641fe91f608dbb0662e3f%7C8eb23313ce754345a56a297a2412b4db%7C0%7C0%7C638297725122824041%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=Jjyt3s7t4lMBOHOVyv16jaXSa4KNsrN9jog1LlM%2BWUw%3D&reserved=0
