Time is running short so if you haven't yet gotten on board you had best jump on it.
The Saskatchewan Crop Insurance Corporation (SCIC) is reminding local producers April 30, 2014, is the deadline to enrol in the 2014 AgriStability Program and pay program fees, without penalty.
To remain enrolled, participants have until April 30, 2014, or 30 days from the date on their Enrolment/Fee Notice, whichever is later, to pay their program fee without penalty. If program fees are not paid by the deadline date, a 20 per cent penalty is added, which must be paid by December 31, 2014.
Producers that want to participate in AgriStability for the first time or wish to re-join the Program must request a New Participant Package by April 30, 2014. Participants who wish to cancel their participation in AgriStability must also do so by April 30, or 30 days from the date on their Enrolment/Fee Notice, whichever is later.
Producers can access local, knowledgeable staff to help with the AgriStability Program, through any of the 21 Crop Insurance offices across Saskatchewan, or by contacting a program advisor. Producers can review their Enrolment/Fee Notice on AgConnect.
AgriStability is intended to provide support for producers who experience a large margin decline. You may be able to receive an AgriStability payment when your current year program margin falls below 70 per cent of your reference margin.
AgriStability is based on margins:
Program margin - your allowable income minus your allowable expenses in a given year, with adjustments for changes in receivables, payables and inventory. These adjustments are made based on information you submit on the AgriStability harmonized form.
Reference margin - your average program margin for three of the past five years (the lowest and highest margins are dropped from the calculation). Your reference margin will be limited to the lower of your historical reference margin or your average allowable expenses for the years used to calculate your reference margin.
Should your production margin fall below 70 per cent of your reference margin in a given year, you will receive a program payment.
For more information about AgriStability or to access additional support, producers can contact SCIC:
at their local Crop Insurance office;
online at www.saskcropinsurance.com;
by calling toll-free 1-866-270-8450; or
Via email at [email protected].
