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AgriStability — Ontario
ON, Canada
Insurance to protect farming operations
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJanuary 11, 2022
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
grant_single|grantors
- Government of Ontario
- Agricorp
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get financial support to help manage large income declines caused by production loss, increased costs or market conditions.
grant_single_labels|terms_and_conditions
The AgriStability program provides comprehensive financial protection for agricultural producers in Ontario, offering increased compensation and interim payments to manage financial risk due to income declines.
- Compensation is provided when a producer's net income falls below 70% of their average net income, with AgriStability covering 80% of the shortfall.
- Participants can receive interim payments, which are 50% of the estimated final payment, offering immediate cash flow support.
- The maximum payment a participant can receive in a program year is capped at $3 million.
- All participants are required to pay a fee, which is calculated as 0.45% of their fee reference margin at a 70% coverage level, along with a $55 administrative fee.
- A late fee is imposed for missed payment deadlines, resulting in a 20% increase in the participant's fee.
- The costs are shared between federal and provincial governments on a 60:40 basis, demonstrating sustained governmental support for the program.
grant_single_labels|projects
This grant focuses on risk management strategies for farmers facing income losses due to various operational challenges. Eligible activities under this grant are oriented toward stabilizing farm incomes and managing income fluctuations more effectively.
- Participation in the AgriStability program to safeguard against significant income reductions.
- Utilization of production margins to calculate and stabilize farm income.
- Application for AgriStability interim payments to assist with immediate cash flow needs.
- Incorporation of inventory adjustments to reflect accurate production margins.
- Adjustment of Net Income calculations to consider operational changes over time.
grant_single|admissibleProjectsExample
$ 1,250,000
Upgrading crop production facilities due to weather-induced damages
$ 1,500,000
Improving market competitiveness for organic vegetable farm
$ 900,000
Mitigating increased feed costs for dairy farm
$ 1,100,000
Rehabilitating fisheries affected by market downturn in St John's
$ 1,200,000
Enhancing productivity of a fruit orchard with new technology
$ 1,375,000
Expanding poultry farming operations to cover increased utility costs
grant_single_labels|admissibility
To participate in the AgriStability program, applicants must meet the following eligibility criteria:
- Farm in Ontario.
- Complete a production cycle and at least six consecutive months of farming activity in the program year.
- Report farming income or loss to the Canada Revenue Agency unless exempt under the federal Indian Act.
grant_eligibility_criteria|who_can_apply
Farmers in Ontario who complete at least six consecutive months of farming activity in the program year and report their farming income or loss to the Canada Revenue Agency are eligible to apply.
grant_eligibility_criteria|eligible_expenses
The AgriStability program offers financial protection and support to farmers experiencing significant income losses due to various factors. It helps ensure the continuity and financial stability of farming operations by covering specific financial declines in a farmer's production margin.
- Protection against income losses due to production loss.
- Compensation for increased production costs affecting net income.
- Financial support during adverse market conditions impacting farm revenue.
- Provision of interim payments to alleviate immediate cash flow issues for farmers.
- Adjustments to coverage and payments based on significant changes in farm operations, such as expansion or downsizing.
grant_eligibility_criteria|zone
This grant requires applicants to be engaged in farming activities within the specified region. Only producers based in Ontario are eligible to apply.
- Ontario
grant_single_labels|register
Here are the steps to submit an application for AgriStability:
- Step 1: Determine Eligibility
- Ensure you farm in Ontario and have completed a production cycle of at least six consecutive months of farming activity in the program year.
- Verify that you report farming income or loss to the Canada Revenue Agency.
- Step 2: Prepare Your Financial Information
- Gather your allowable income and expense records for all the commodities you produce.
- Calculate your reference margin using your historical production margins.
- If new to farming or changes in operations occurred, adjust the margins accordingly.
- Step 3: Complete the Application Forms
- Fill out the New Participant Form if you are enrolling for the first time.
- Prepare interim payment application if applicable and submit it.
- Step 4: Pay Applicable Fees
- Calculate your fee based on your fee reference margin and make the payment before the deadlines to avoid late fees.
- Step 5: Submit Required Documents
- Submit the T1163 form (individuals) by June 15, or Statement A (corporations, trusts, and special individuals) by June 30.
- Submit Year-end Report and Claim form by June 30.
- Step 6: Finalize Application
- Make sure to submit your farm income report to the Canada Revenue Agency by the final deadline.
- Step 7: Await Confirmation
- Await confirmation from Agricorp regarding the status of your application submission.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The compensation rate for AgriStability has increased, providing more support for the same fee.
- Interim payments are available to provide cash flow for producers who have experienced significant income declines.
- Program funding is shared between the federal and provincial governments on a 60:40 basis.
- Agricorp administers the AgriStability program in Ontario.
- An AgriStability estimator tool is available to help farmers understand potential benefits.
- Final deadlines and detailed payment deduction rules are strictly enforced, with possible deductions for late submissions.
- Exceptions to deadlines may be considered under exceptional circumstances.
grant_single_labels|contact
1-888-247-4999
