AgriStability Frequently Asked Questions

Frequently Asked Questions

• Accessing AgriStability Benefits
• More Information on AgriStabiltiy
• Late Participation

Can I access AgriStability benefits before completing my 2022 fiscal year?

The AgriStability Interim Payment feature allows you to apply for 2022 program year benefits before you complete your 2022 fiscal year. An Interim Payment is an advance on your final 2022 AgriStability benefit. Please contact the AgriStability Administration at (902)836-0435 to enquire. You must submit program forms and pay the required fee to apply for an interim benefit.
 

How can I find more information on AgriStability?

For more information on AgriStability visit the Agristability page or call the Administration at (902)836-0435. You can also visit the AIC Kensington office. 

Late Participation for 2022 Program Year

What is late participation?

Under the Sustainable Canadian Agricultural Partnership (Sustainable CAP), governments may agree to allow producers to join the program after the enrolment deadline if there is a significant downturn in a farm sector and a gap in participation. To address the challenges facing PEI producers affected by the impacts of Hurricane Fiona, the governments of Canada and Prince Edward Island have agreed to late participation for 2022. This will ensure all PEI producers can access AgriStability support for the 2022 program year to help protect the viability of their farm.

How do I apply for AgriStability as a late participant?

To participate in AgriStability if not currently enrolled and you have not been automatically enrolled, you must pay the required fee, and submit program forms by the required deadlines. If you are uncertain of your status with the AgriStability program, please contact the AgriStability Administration at (902)836-0435  to enquire.

Step 1 – Pay the required fee.

•  To apply for AgriStability as a late participant, you must pay:
  •  an up-front non-refundable fee of $300 ($245 Program Fee plus $55 Administrative Cost Share);
  • $3.15 for every $1,000 of Reference Margin covered (minus the $245 fee you have already paid). You are only required to pay this portion of the fee if you receive a benefit. We will calculate this portion of the fee when we process your form and automatically deduct it from your benefit.
• The deadline to pay your $300 up-front fee is December 31, 2023. However, we are unable to process your forms until the fee has been received.
• For information on how to make a payment, please visit AgriStability Payment Details. 

Step 2 - Complete and submit 2022 AgriStability forms

• The 2022 supplemental forms for all producers will be available on peiaic.ca in January 2023. Producers can submit a form once they have completed their 2022 fiscal year. Mail the completed form to the AgriStability Administration at the address shown above.
• The 2022 Statement A forms (Income & Expense) for corporations will be available on peiaic.ca in January 2023. Alternate Statement A forms may be completed by your accountant. Mail the completed form to the AgriStability Administration at the address shown above.
• Individuals will submit their income and expense information as part of their taxing filing for 2022 using form T1163. The AgriStability Administration will receive them electronically from CRA.
• The initial deadline to submit all 2022 forms is September 30, 2023. You can submit a form until December 31, 2023; however, we will reduce your benefit by $500 for each month (or part month) we receive it after the initial deadline.

Step 3 – We will process your form

• We will request additional information as needed to calculate your benefit.
• Once we process your form, we will send you a Calculation of Program Benefits Notice and an AgriStability benefit if applicable.

What is the late participation penalty?

Your benefits will be reduced by 20% for late participation for the 2022 program year. This will be funded by the Government of Prince Edward Island.  Don’t miss out on AgriStability benefits in the future. Participating in the program each year will give you access to full AgriStability benefits and help protect your farm business against financial losses should a similar event reoccur.