The Canadian Agricultural Partnership is a five year federal-provincial-territorial funding agreement that governs business risk management (BRM) programs such as Crop Insurance, AgriStability, Western Livestock Price Insurance and AgriInvest.
The major change to the AgriStability Program as a result of the Canadian Agricultural Partnership comes to the Reference Margin Limit (RML). Producers are now guaranteed that the Reference Margin Limit used in their program calculations will never be less than 70 per cent of their conventional reference margin. This change will help producers with a low cost expense structure which would have resulted in a low reference margin.
In addition, the Canadian Agricultural Partnership will also include fewer barriers to enter the Program, as the application process will be simplified involving fewer forms. New participants will only be required to submit the previous three years of historical financial information from the farm rather than five years of information as was the requirement previously. This simplified process will make it easier for new participants to join the Program.
AgriStability is one of the risk management programs offered through the Saskatchewan Crop Insurance Corporation. AgriStability is designed to help farm operations facing large margin declines caused by production loss, increased costs or market conditions. Programs like AgriStability and Crop Insurance provide producers with the opportunity to be proactive in their risk management approach and reduce the need for government to step in with ad hoc funding.
The initial deadline to enroll for the 2018 AgriStability Program is April 30.