November 26, 2021
Each year, Ontario farmers may face challenges, such as unpredictable weather, market disruptions or increased costs, which can lead to income declines. This is where
AgriStability can help. Ontario farmers who are in AgriStability can apply for a 2021 AgriStability interim payment now.
Farmers have until December 31 to complete the
interim payment application form, which is available on agricorp.com. If customers have any questions about interim payments, they can
contact Agricorp.
Farmers whose 2021 income has declined to under 70 per cent of their average net income (reference margin) can apply for an interim payment. Interim payments are 50 per cent of a farmer's estimated final payment and can provide cash flow sooner, when it's needed most.
Interim payment rate increased in response to particular challenges
This year, the federal and Ontario governments announced an increase to the interim payment rate for farmers in drought-impacted areas in northwestern Ontario, as well as for grape and ginseng growers. These farmers can receive 75 per cent of their estimated final payment. If these farmers expect their net income to drop to under 70 per cent of their average net income (reference margin), they may want to consider applying for an interim payment.
In 2021, Ontario farmers have benefitted from more than $5 million in interim payments already.
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