The federal and provincial governments have created an AgriStability pilot to help producers participate in the program by reducing the amount of information they need to provide.
Producers who file their taxes on the cash basis can have their reference margin based on the cash income and expenses they report for income tax purposes, with no accrual adjustments. This pilot will allow them to align their reference margin with their tax filing method, according to a Nov. 25 post on the website of Ontario crop insurer, Agricorp.
The purpose of the pilot is to make it easier for new and returning customers to participate in AgriStability by reducing the amount of historical information they need to provide. The pilot aims to determine existing producers' interest in having their reference margins based on the cash basis versus the accrual basis going forward.
Participants who elect to join the pilot in the 2020 program year will have to participate in it for the 2020 and 2021 program years.
To participate in the Cash Reference Margin pilot, AgriStability customers need to download the consent form from agricorp.com and send a signed copy to Agricorp by March 31, 2021.
AgriStability is a business risk management program aimed at protecting producers from large declines in their farming income caused by production loss, increased costs or market conditions.
Source: DePutter Publishing Ltd.
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