In this issue:
- Deadline to File AgriStability Program Forms
- Why is Filing Important?
- Where to Submit Forms
- Filing Your Farming Income (or loss)
- Using AgConnect
- After the September 30 Deadline
- Partnerships: All parties must submit their information
- Agriculture Streaming
- Here's A Tip When Filing:
- Now Accepting 2018 Final Program Forms
- Interim Benefits
September 30, 2018 is the initial deadline for producers enrolled in the AgriStability Program to submit their 2017 program forms.The AgriStability Program remains an effective option for protecting the financial foundation of a farming operation. It is designed to protect against events which are beyond a producer’s control, such as declining commodity prices or rising input costs. Participation in AgriStability is also one of the ways producers can access the Advance Payments Program.
Why is filing important? Submitting Program forms is part of the annual process for producers enrolled in AgriStability. The information provided determines whether the producer qualifies for a benefit payment. It also ensures that the farm’s reference margin, which benefits are based upon, is up-to-date.
Completing your AgriStability Program forms each year helps build a financial profile that will provide you with more accurate coverage in the future. If a producer does not file annually, there will be gaps in the information needed to build the reference margin and this will cause delays when processing future program forms.
Individual producers (sole proprietors) are reminded their income and expense (tax) information, provided on the T1163 form must be submitted to the Canada Revenue Agency who shares this information with SCIC. An individual’s supplemental information (inventories, receivables, payables, deferrals and purchased inputs) is to be submitted directly to SCIC. Corporations and co-operatives are to continue to submit all AgriStability Program forms directly to SCIC.
Program forms can be submitted by fax, mail or email, dropped off in person at any of the 21 SCIC offices across the province, or submitted online with AgConnect. For assistance or to get started with AgConnect, please call the AgriStability call centre at 1-866-270-8450.
To be eligible for AgriStability program benefits, all participants must submit their farming income (or loss) information to the Canada Revenue Agency (CRA). This information is collected on the income tax return submitted to the CRA. To be eligible for 2017 program benefits, producers need to submit their 2017 farming income (or loss) information to the CRA by December 31, 2018.
AgriStability participants can choose to use the secure web-based application, AgConnect, to submit their program forms online. Information submitted through AgConnect enters SCIC’s system directly, allowing files to be processed more quickly.
Using AgConnect will help you to:
- access your AgriStability information in one place – available online 24/7
- eliminate the paperwork and tracking multiple files
- easily file your forms online
- view important historical information about your account
- send supporting documents electronically
To begin using AgConnect, contact the SCIC AgriStability call centre at 1-866-270-8450.
Any 2017 program forms received after September 30, 2018, are subject to a penalty fee. AgriStability benefits will be reduced by $500 per month; however, if no benefit is calculated, there is no penalty applied. December 31, 2018, is the final deadline for submitting program forms with penalty.
SCIC cannot process a file until all partners in the operation have submitted their program forms. Each individual in a partnership must submit separate program applications reporting 100 per cent of the partnership’s income, expenses, accounts payable, accounts receivable, inventory, deferrals and purchased inputs. Each partner is to identify their percentage share of the partnership. SCIC will calculate each partner’s share of any benefit based on their percentage of the operation.
Some producers have been participating in a relatively new marketing process called Agriculture Streaming. Agriculture Streaming is a multi-year, pre-paid commodity contract offered to the producer for delivery of an agreed upon production volume over a six-year term. The producer can receive up to 80 per cent of the contract value in cash, up front, with an agreement to deliver the annual contracted tonnage each year for six years.
Producers who have entered into an Agriculture Streaming contract are to provide a copy of their contract to SCIC when submitting AgriStability Program forms. This information is required to process the AgriStability application.
Here's A Tip When Filing:
If you were in Crop Insurance last season, you can easily access last year’s acreage and crop production information for your farm. Simply give us a call at 1-866-270-8450 and ask for your AgriStability Preparation Report. With this in hand, you can finish your AgriStability Program forms quicker than ever before.
We know you’d rather spend your daylight hours in the field. But if you’re doing paperwork after-hours, you may not be getting the answers you need to your AgriStability questions. That’s why we made it easy to get in touch with our team. Call 1-866-270-8450 and leave a voicemail anytime, day or night, and we’ll call you back during regular business hours.
Since AgriStability uses the same numbers you provide to your accountant or form preparer, you can enter those numbers online with AgConnect to streamline your form submission. Plus, AgConnect stores your data each year you use it. So if you filed online last year, your previous information is at your fingertips.
SCIC is now accepting final AgriStability Program forms for the 2018 Program Year. Farming and ranching operations with a non-calendar year-end can complete and submit their final program forms at any time.
Producers may be experiencing challenges due to weather or market conditions. For producers enrolled in AgriStability for the 2018 year, they may want to consider applying for an interim benefit. Interim benefits provide an option to receive a portion of AgriStability benefits early, to help support losses and cover costs before completing the fiscal year. The interim benefit is based on the estimated margin decline or loss for the year compared to the farm’s reference margin. The decline must be at least 30 per cent below the reference margin in order to access a payment. The interim benefit is then issued at 50 per cent of the estimated final benefit.
Producers that receive an interim benefit payment, must submit all final program forms by the required deadlines. For more information and to see if you are eligible for an interim benefit payment, please contact the AgriStability Call Centre at 1-866-270-8450.
We're Here For You
Through continuous collaboration with industry groups, SCIC works together with producers to help manage their business risk. AgriStability Program experts are available across the province to help producers, accountants or form preparers.
Contact a Program Advisor or the AgriStability Call Centre at 1-866-270-8450 or by email to: email@example.com.Click here to access our Customer Service Office listings»