Flaman Rentals Blog

Ag Minister Ritz - look to crop insurance first

Posted by Flaman Agriculture Jul 23, 2015

AgCanada is reporting that . . ..

Agriculture Minister Gerry Ritz says ad hoc programs are not the answer should producers require assistance.

“We don’t need ad hoc (assistance), we’ve got a very comprehensive system of business risk management,” said Gerry Ritz, speaking in Winnipeg last week. “There’s four different pillars in that, and of course crop insurance is first and foremost the first line of defence.”

AgriStability will also be able to assist producers, said Ritz, noting that the five-year incoming averaging period the program relies on is designed to stabilize farm returns in years where production or profit fall due to poor weather or other factors beyond producers’ control.

Ritz noted that crop insurance has also been expanded to include pastureland and forages, both of which have been affected by a lack of rainfall in many areas of Western Canada.

The story goes on to speak about Tax Deferral For Cattle

Ranchers in certain regions will eligible to apply the Livestock Tax Deferral Provision, announced by Minister Ritz on July 23.

To defer income, the breeding herd must have been reduced by at least 15 per cent. If this is the case, 30 per cent of income from net sales can then be deferred. In cases where the herd declines by 30 per cent or more, 90 per cent of income from net sales can be deferred, according to Agriculture and Agri-food Canada.

Full story at https://www.agcanada.com/daily/look-to-crop-insurance-first-ritz

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