AgriStability Update - September 2022
File now! Avoid penalty and submit your 2021 AgriStability forms by September 30, 2022.
Submitting program forms is part of the annual process for AgriStability participants. The information provided on your AgriStability forms determines whether your farm qualifies for a benefit payment. Submitting this information, each year, also ensures your farm’s reference margin, which payments are based upon, is up to date.
If you miss the September 30 deadline, you may be subject to a penalty fee of $500/month deducted from your benefit. If no benefit is calculated there will be no penalty applied. To remain eligible for AgriStability benefits, all 2021 forms must be submitted by December 31, 2022.
Submit your program forms by fax, mail, or email, or drop off at your local SCIC office. You can also use AgConnect to easily enter your program information online.
For more information and which forms to complete, click here:
Processing Your File
AgriStability is a margin-based program, using financial and supplemental information to calculate program benefits.
Once you submit your AgriStability forms and we process your file, SCIC will send you a Calculation of Benefits showing a summary of your allowable income, expenses and supplemental information. The Calculation of Benefits explains how we determine if you receive a benefit payment.
For more information about Processing Applications, click here:
What is considered a contract buy-out?
This can vary from company to company, but in most cases, it is the difference between the amount the producer committed to deliver, and the actual amount they must meet for the commitments of the forward contract.
Click here to learn more or contact the AgriStability Call Centre at 1-866-270-8450.
Reporting Crop Share
When reporting crop share arrangements, the tenant should report their percentage share of the income and expense based on the crop share arrangement. This ensures the appropriate amount of the crop share arrangement is allocated as allowable income and expense for AgriStability.
For example: If the crop share arrangement is 60 per cent production for the tenant and 40 per cent production for the landlord, then the tenant would report 60 per cent of the income and 60 per cent of the expense.
2022 Interim Benefit
To access a portion of your 2022 AgriStability benefit early, you may choose to apply for an interim benefit. The interim benefit is an advance on your final 2022 AgriStability benefit, based on the estimated margin decline or loss for the 2022 year compared to your farm’s reference margin. The decline must be at least 30 per cent below the reference margin to access a payment. The interim benefit will provide 50 per cent of the estimated final benefit. To apply for an interim benefit, please contact the AgriStability Call Centre.
For more information about Interim Benefits, click here:
AgriStability Program staff are available across the province to help producers, accountants and form preparers.
Contact the AgriStability Call Centre at 1-866-270-8450 or by email to: firstname.lastname@example.org.