February 26, 2004
For immediate release
Farmers Receive Payments Under Assistance Program
Agriculture, Fisheries, Aquaculture & Forestry
“Producers are currently experiencing depressed markets and prices in some commodities and we want to ensure they receive full payments as soon as possible,” said Mr. MacAdam. “That is why the provincial government is now paying its full share under the program.”
The CFIP program is cost-shared by the federal and provincial governments. The federal government has already paid 70 percent of its share, and can pro-rate its contributions on the remainder if the demand exceeds the budget. The payments made to producers this week are for the full amount of the provincial government’s share.
The payments are for losses experienced by producers in the 2002 tax year. About $7.4 million in payments have been made available.
The CFIP program was established by the federal and provincial governments to provide payments to producers for drastic drops in income beyond their control. It is now being replaced by the new federal-provincial Canadian Agricultural Income Stabilization program.