(OTTAWA) - Yesterday Agriculture and Agri-Food Minister Ritz announced the government would extend the deadline for opting in to the AgriInvest program and accessing the $600 million government startup funds. The Canadian Federation of Agriculture (CFA) is urging Canadian farmers to take advantage of the announcement and participate in the program, which provides the greater predictability and bankability farmers have been asking for.

"Since the Canadian Agriculture Income Stabilization (CAIS) program was launched farmers told us at CFA they needed an income stabilization program that was more bankable and predictable," said Bob Friesen, CFA President. "CFA took farmers' concerns to the government and the government responded, along with significant startup funding. We encourage farmers to seize this opportunity to get in on the ground floor."

Under the CAIS program many farmers complained they did not know from year to year if they would be able to access income stabilization funds when they needed them, and how much they would get if a payment was triggered. This impaired their ability to conduct sound business risk management. In response CFA asked the government to look into the potential of an accounts-based program with matching government funds, similar to the former National Income Stabilization Accounts (NISA) program, to cover the top tier of income loss.

"This is the program farmers asked for, and I'm pleased the government is giving farmers every opportunity to participate," said Friesen.

While CFA is encouraging farmers to take advantage of AgriInvest, it is also urging the government to address a number of issues still outstanding with regards to the program. CFA is asking the government to remove the cap on government matching funds farmers may receive through the program. While in the long-term this will be positive for farmers, CFA also notes the transition of top-tier margin coverage from the CAIS (now AgriStability) program to AgriInvest will negatively impact certain commodity sectors in the short-term because of the situation those sectors currently face. CFA is asking government to mitigate that impact by giving those farmers the option of continuing to use the top-tier margin coverage, currently not included in the AgriStability program, for two more years.

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Founded in 1935 to provide Canada's farmers with a single voice in Ottawa, the Canadian Federation of Agriculture is the country's largest farmers' organization. Its members include provincial general farm organizations as well as national and inter-provincial commodity organizations from every province. Through its members, CFA represents over 200,000 Canadian farmers and farm families.