Interest-free limit of the Advance Payments Program increased

The federal government is making a change to the Advance Payments Program (APP) that will save farmers money.

Agriculture and Agri-Food Minister Marie-Claude Bibeau said the interest-free limit has been increased from $250,000 to $350,000 for the 2023 program year, effective May 8.

This is the portion of advances that the federal government pays the interest on behalf of producers.

Bibeau said agricultural producers continue to face significant financial challenges including high input costs and rising interest rates.