Last week, the Ontario government ammounced enhancements to the provincial portion of the AgriStability program in order to better support farmers in mitigating risks and enabling them to continue investing in their farms.
Back in November, the Ontario government supported the federal government proposal to enhance the AgriStability program by removing the Reference Margin Limit (RML) and increasing the compensation rate from 70% to 80%. In March, federal, provincial and territorial ministers agreed to the RML removal but have not reached an agreement on the compensation rate.
However, the Ontario government made the decision to move ahead with providing the provincial portion of the compensation rate increase, retroactive to the 2020 growing season.
The original removal of the Reference Margin Limit will reduce the complexity of the program and increase the chances of producers triggering a payout. This change can impact all producers enrolled in the program who were severely impacted by the Reference Margin Limit.
OFA greatly appreciates the Ontario government’s continued commitment to improving Business Risk Management programs. Their investments in the AgriStability program will help support farmers to mitigate risk and enables continued investment in their farm.
For more information, or to read OMAFRA’s release, please click here.