Deadline Extended Under Agriculture Support Program

Agriculture, Fisheries and Aquaculture Minister Kevin MacAdam today announced that the deadline for making deposits under the Canadian Agriculture Income Stabilization program has been extended to March 31, 2005. The deposits apply to both the 2003 and 2004 support years. The original deadline was December 31 of 2004.

“Because this is the first year of the program, we want to ensure that all eligible producers have enough time to determine how it best meets the needs of their individual operations,” said Mr. MacAdam. “This change reflects our ongoing commitment to ensure that the program can be tailored to better meet the needs of the industry.”

Under the program, producers select the level of coverage they desire and make a deposit to their CAIS account. The deposits represent their share of the coverage and are used to offset their share of any losses. As a result of changes to the program earlier this year, producers need only deposit one-third of the required amount to obtain full coverage. The deposits remain in their accounts until a payment is made.

Producers who have not yet submitted their deposits for the 2003 and 2004 support years must submit the greater amount of the two years required to obtain coverage.