Canada’s farmers are navigating challenges on many fronts: heavy debt from purchasing expensive machinery, trade issues caused by China-US relations and damaged crops due to climate change. Statistics Canada reported in 2018 that country-wide farming dropped by 45% as operating costs skyrocketed and crop prices stagnated. Individual farmers face unprecedented stress levels as they navigate debt, poor harvests, and politics.
Debt help for farmers
If you are a farmer facing financial difficulties, there are options designed specifically for the agricultural sector under various federal and provincial legislation including the following:
- Bankruptcy and Insolvency Act (BIA), (Federal)
- Farm Debt Mediation Act (Federal)
- Livestock Products Act (Various provincial)
- Livery Stable Keepers Act (Various provincial)
- Crop Payments Act (Various provincial)
- Possessory Liens Act (Various provincial)
- Dairy Industry Act (Various provincial)
We have debt professionals here at Grant Thornton who have experience helping those in the agriculture sector who are dealing with financial troubles. Consult one near you for a free, no-obligation discussion of your options.