The Canadian Cattle Association says it’s pleased to see the interest-free portion of the Advance Payments Program continue at $250,000.
“CCA has been advocating for the limit to be kept at $350,000, but increasing it to $250,000 is positive for producers across Canada and will help keep the beef cattle sector economically competitive in an unsteady economic environment,” the organization said in a news release on Tuesday.
On Friday, the federal government announced a slate of funding geared toward protecting Canadian farms and businesses in the face of U.S. tariffs and trade disruptions.
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At the same time, it announced it would set the interest-free portion of the Advance Payments Program to $250,000, rather than the previously announced $100,000.
The $100,000 limit would not have accounted for inflation and rising input costs, CCA said.
“Keeping the interest-free portion higher than $100,000 is a helpful tool in keeping our sector competitive and sustainable in the long term,” said CCA president Nathan Phinney in the release.
“CCA will continue to engage with the federal government on this file regarding next steps to ensure that the increase is made before the growing season starts,” he added.
Tyler McCann, managing director of the Canadian Agri-Food Policy Institute, said he was glad to see the government taking some action.
“Now, when there is heightened uncertainty and when farmers are looking at potentially more expensive inputs going into this growing season, giving them that access to the higher APP amount is a good, easy thing to do,” he said.
