OFA applauds move by Ottawa on loan interest relief

Mar 27, 2024

The Ontario Federation of Agriculture (OFA) is welcoming news that the 2024 federal budget included a permanent increase to the interest-free limit under the Advanced Payments Program (APP).

The announcement is welcome relief to farm businesses across Ontario and Canada, the OFA said in a news release.

It marks a significant victory for Canadian agriculture and showcases the effectiveness of persistent advocacy efforts by OFA, provincial agricultural commodity partners and the Canadian Federation of Agriculture, the OFA said.

“The Advanced Payments Program is an important tool in the toolbox for farmers across the country to access short-term financing for their farm business,” said Drew Spoelstra, OFA president.

“We are at a critical point in time with high costs of production, inflation, elevated interest rates and falling commodity prices, and we’re grateful for the Government of Canada’s response by increasing the interest-free portion of the APP to $250,000 annually."

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Video: EP 73 Diversity is Resiliency – Stories of Regeneration Part 6

During the growing season of 2023 as summer turned into fall, the Rural Routes to Climate Solutions podcast and Regeneration Canada were on the final leg of the Stories of Regeneration tour. After covering most of the Prairies and most of central and eastern Canada in the summer, our months-long journey came to an end in Canada’s two most western provinces around harvest time.

This next phase of our journey brought us to Cawston, British Columbia, acclaimed as the Organic Farming Capital of Canada. At Snowy Mountain Farms, managed by Aaron Goddard and his family, you will find a 12-acre farm that boasts over 70 varieties of fruits such as cherries, apricots, peaches, plums, pears, apples, and quince. Aaron employs regenerative agriculture practices to cultivate and sustain living soils, which are essential for producing fruit that is not only delicious but also rich in nutrients.