The BC Government has made special provisions to help producers suffering income declines in 2017. The British Columbia AgriStability Enhancement Program allows agricultural producers to enroll late and without penalty into the existing 2017 AgriStability Program with additional benefits such as:
- Increasing the compensation rate from 70% to 80%
- Eliminating the Reference Margin Limit
- Interim advance payment of up to 75% of final payment
This would also cover the pest outbreaks in 2017 if they were bad enough to cause significant damage.
WHO SHOULD PARTICIPATE?
Producers should enroll if they suspect their farm operation has suffered a significant loss in 2017.
A payment is triggered when a producer’s current program year margin (allowable income less allowable expenses) drops more than 30 percent below their average historical margin (from the previous five years).
- Have income from the primary production of agricultural commodities
- Have carried on the business of farming in British Columbia and reported farming income (or loss) for income tax purposes
- Have completed a minimum of six consecutive months farming activity
A new participant can enroll in the program and apply for an interim payment at the same time.
DEADLINE TO APPLY FOR THE 2017 BRITISH COLUMBIA AGRISTABILITY ENHANCEMENT PROGRAM IS APRIL 30th, 2018
DEADLINE TO APPLY FOR AN INTERIM PAYMENT IS MARCH 31st, 2018
Further program details can be found in the attached summary and at https://www2.gov.bc.ca/gov/content/industry/agriculture-seafood/programs/insurance-and-income-protection-programs/bc-enhanced-agristability-program