Potato farmers had the highest income of all Canadian farm families in 2023, according to Statistics Canada data published on Jan. 30.
Average income for families operating a single farm in Canada grew by 0.9 per cent to $216,021 in 2023 compared to 2021. However, this was driven by higher off-farm income — namely through investment and pension revenue.
Average net operating income fell by 0.6 per cent.
Farm family income is published every two years, StatCan said.
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Highlights of the report include:
- Families operating potato farms saw the largest increase at 25.5 per cent growth since 2021. Poultry and egg farmers came in second with 8.6 per cent growth.
- Families operating pig farms saw the largest decline in income — a 21.9 per cent decline between 2021 and 2023. Greenhouse, nursery and floriculture farm families saw a 17.2 per cent decline in average income.
- Average off-farm income increased by 2.2 per cent to $116,788. Off-farm income accounted for 54.1 per cent of total farm income in 2023.
- Prairie farm families earned the highest average total income in Canada, led by Saskatchewan at $264,991 in 2023, Manitoba ($247,707) and Alberta ($242,130)
Farm average net operating income jumped in 2023 by 17 per cent over 2022, according to Agriculture Agri-Food Canada data. The net operating income tracks producers’ revenue minus cash expenses at the farm level. High livestock receipts, driven by strong cattle markets, bolstered the total. Crop prices were also strong for most of the year.
Conditions were less favourable for hog farmers.
