B.C., with the support of the federal government, is expanding a program aimed at ensuring farmers can stay in business during low-profit years or when crops are impacted by extreme weather.
The AgriStability program is a joint effort between provinces, territories and the federal government to provide fee-based coverage for farmers. When a farm's profits drop more than 30 per cent below the previous five-year average, the program kicks in and provides a payment.
Changes announced on Friday (July 25) will increase these payments from 80 cents per dollar of lost income to 90 cents, and will double the total compensation cap from $3 million to $6 million. Farmers will also be able to access interest-free payment advances for up to 75 per cent of their final claim.
The increase is aimed at helping farmers respond to international trade uncertainty, as well as to deal with weather-related crop loss, according to a news release from the B.C. government.
The changes go into effect on July 25 after being agreed to at a meeting of federal, provincial and territorial agriculture ministers the week prior. Farmers must enrol by July 31 to be eligible for the 2025 program year.