Wildfires and floods have had a devastating impact for many in our province, including a loss of income for many.
The province just extended the deadline to apply for a new program, if you are a farmer and have lost more than 30% of your income due to the extreme weather events.
AgriStability is one of the business risk management programs offered under the Sustainable Canadian Agricultural Partnership (Sustainable CAP). The program is cost-shared 60% federally and 40% provincially/territorially.
“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.”
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
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