The deadline is fast approaching for Saskatchewan producers to enrol in the AgriStability program. Those interested should be sure to sign up before April 30.
AgriStability is a low-cost risk management program offering financial assistance to producers who experience large margin declines due to production loss, adverse market conditions, or increased costs.
“AgriStability is an essential tool to help farmers manage risks and financial losses due to poor yields, low commodity prices, or rising input costs,” said Federal Agriculture and Agri-Food Minister, Marie-Claude Bibeau in a press release. “The federal government will continue to work closely with the Saskatchewan government to provide farmers with the tools and programs they need to help them manage significant risks that are beyond their capacity to manage.”
“While Crop Insurance provides coverage for in-season crops, AgriStability provides further coverage for other risks to your farming income,” added Saskatchewan Agriculture Minister, David Marit. “The programs work together to maximize your coverage, giving producers whole farm protection.”
AgriStability accounts for a producer’s whole farming operation and not just one commodity. If a producer’s program year margin falls more than 30 per cent below their reference margin, a benefit payment may be provided. The payment provides 70 cents for every dollar of benefit triggered.
To enrol in the program, simply call the AgriStability call centre at 1-866-270-8450 and request a new participant package.
Once enrolled, producers will receive an AgriStability Enrolment/Fee Notice. The program fee is $3.15 for every $1,000 of covered Contribution Reference Margin. A $55 fee is also applied to help cover administrative costs. All participants are given 30 days from the date on their Enrolment/Fee Notice or until April 30, 2019, whichever is later, to pay these fees. If the annual program fee is paid after the initial deadline, a 20 per cent penalty fee will be added.
Benefit payments are paid out at the end of the program year. There is, however, an interim benefit option where producers can apply to receive a portion of their estimated benefit early.
In the last three program years, AgriStability paid benefits of more than $200 million to Saskatchewan producers.