Stats Canada releases updated 2024 farm income data

Realized net farm income fell 26 per cent in 2024

New data from Stats Canada shows Canadian producers had a challenging 2024.

Here’s what the data shows:

• Realized net farm income dropped by 26 per cent to $9.4 billion in 2024 compared to $12.65 billion in 2023.
• Farm cash receipts fell by 1.4 per cent to $98.1 billion.
• Total crop receipts declined by 6.1 per cent to $52.2 billio

“Prices for most major crops began to decline in 2023, following two consecutive years of strong growth, as domestic production recovered and supplies improved,” Stats Canada says. “Ample domestic and international supplies continued to put downward pressure on the price of grains and oilseeds in 2024, leading to lower receipts, despite higher marketings.”

Other metrics, like farm operating expenses, increased.

Total farm operating expenses in Canada totaled $78.5 billion in 2024, a near 3 per cent jump from $76.43 billion in 2023.

“Producers took on more debt, driving up interest expenses,” the Stats Canada report says. “Farm debt rose 14.1 per cent in 2024—the largest annual increase since 1981.”

John Barlow, the federal Conservative ag critic, puts the blame for lower income and higher expenses at the feet of the Liberals.

Their policies are squeezing the Canadian ag industry at a time when farmers need the flexibility to run their businesses.

“This Carney government is crushing Canadian farmers and producers. Skyrocketing inflation, soaring operating costs fueled by the industrial carbon tax, and shrinking global markets are pushing farm families to the brink,” he said in a Nov. 26 statement. “Yet, the Liberals refuse to scrap their new fuel tax, raising costs for families, farmers, and truckers by up to 17 cents per litre.”