Statistics Canada says farm cash receipts for Canadian farmers totalled $51.6 billion over the first three quarters of 2020, up 8.4% (or up $4.0 billion) from the same period in 2019.
This as a result of higher marketings in most grains and oilseeds, especially canola.
Saskatchewan (+$2.2 billion) accounted for over half of the increase, while Ontario (+$731.1 million), Alberta (+$465.0 million) and Quebec (+$387.9 million) also reported large gains in receipts.
Crop receipts rose 14.8% to $30.0 billion and direct payments were up 30.1% to $2.4 billion, while livestock receipts decreased 2.2% to $19.1 billion.
Realized net income of Canadian farmers rose 14.9% from 2018 to $5.5 billion in 2019.
Higher cannabis and livestock receipts, together with increased program payments, more than offset rising operating expenses.
This followed a 34.2% decline in 2018, driven by sharply higher input costs and lower canola receipts.
Realized net income was up in six provinces, with Alberta (+$576 million) and Quebec (+$370 million) posting the largest increases.
Lower oilseed receipts contributed to Saskatchewan (-$307 million) and Manitoba (-$180 million) reporting the largest declines.
Realized net income is the difference between a farmer's cash receipts and operating expenses, minus depreciation, plus income in kind.
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