Prime Minister Mark Carney’s government released its first federal budget on Nov. 4 – 190 days since winning the April election.
Here’s what the budget directly includes for the ag sector.
A specific section is dedicated to support for the ag, fish, and seafood industries.
“The Canadian agricultural sector is a symbol of the country’s ingenuity, resilience, and ability to move up the value chain,” page 141 of the 493-page document says.
In total, the government is allocating around $639 million over five years for the following ag supports:
- $109.2 million for AgriStability, to increase the compensation rate from 80 to 90 per cent and raising the payment cap per farm from $3 million to $6 million.
- $75 million for the AgriMarketing Program to promote Canadian products abroad.
- $97.5 million to temporarily increase the Advance Payments Program’s interest-free limit to $500,000 for canola advances, and $250,000 for all producers for the 2025 year.
- $372 million to establish a Biofuels Production Incentive to support Canada’s domestic biofuels industry.