Growing Forward 2 will take effect on April 1, 2013, including changes to the existing AgriStability and AgriInvest programs, as well as the introduction of three other new programs.
AgriStability is a margin-based program, which helps farmers when their production margin drops below their average margin from previous years. Changes to the program in 2013 mean the payment program will come into effect when a producer's margin falls below 70 per cent of their historical reference margin. Previously it was below 85 per cent.
AgriInvest is a savings account that allows producers to put money aside to help with future income shortfalls, with the government matching their contribution. Under the changes, producers can deposit up to one per cent of their Allowable Net Sales each year into the account, down from 1.5 per cent previously. The limit on matching government contributions will be reduced to $15,000 a year, from the current $22,500.
To help farmers and ranchers learn more about the changes, an information session will be held Wednesday night at the Quality Inn Northern Grand from 6:30 to 8 p.m.
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