The AgriStability program has reopened for late participation so Alberta producers affected by wildfires and drought can consider enrolling to manage business risks.
With the reopening of the program by the federal and Alberta governments, Alberta producers can now sign up for AgriStability until Sept. 29. The original deadline for signup was April 30, but wildfires and extremely dry conditions have affected many farmers and ranchers since then, Ottawa said in a release Friday.
“This gives affected producers more time to review and manage the business risks associated with these challenging situations,” the release said.
AgriStability protects Canadian producers against large declines in farming income due to production loss, increased costs and market conditions. The program is offered through the Sustainable Canadian Agricultural Partnership (Sustainable CAP), which is a shared commitment between federal and provincial governments.
Alberta farmers and ranchers are encouraged to sign up for late participation if they believe they have experienced a significant loss. Factors such as reduced income, increased expenses or reduced inventory are used to determine a potential benefit.
“Our government has listened to farmers and ranchers who have been impacted by wildfires and drought. We know they need support options to make it through this growing season,” said RJ Sigurdson, Alberta Minister of Agriculture and Irrigation. “Allowing late participation in AgriStability will enable them to reassess their business risks and make an informed decision about signing up to protect their operations and livelihoods.”
AgriStability compensates for margin declines greater than 30% at 80 cents for every dollar of decline, which is an increase from the previous 70 cents. However, payments to those who sign up through late participation will be reduced by 20% to “encourage proactive enrolment,” the federal release said.
In Alberta, producers sign up for AgriStability and access benefits through Agriculture Financial Services Corporation.
