Enroll for Agristability Soon
How do you make a million dollars farming?
Start with two million.
That old joke has been around since the advent of agriculture, and it rings true to many farmers. As a farmer, you’re at the mercy of the weather, and it doesn’t always work in your favour.
Fortunately, Albertan farmers, when facing financial disasters, have the opportunity to apply for Agristability. Offered by Agriculture Financial Services Corporation (AFSC), Agristability remedies substantial production margin declines (15 per cent or more) from previous taxation years’ averages. It’s especially useful to livestock producers, as it is one of the few disaster mitigation options available.
If you are a farmer filing for 2012 Agristability, you have until September 30, 2013 to do so without penalty. If you wish to file with penalty, you have until December 31.
First-time Agristability enrolment and re-enrolment have the same steps, which you can find more about at AFSC’s website.
To participate in Agristability for the first time, you must send in a request to AFSC before April 30 of the taxation year. For example, to file for Agristability in 2014, you need to send in a request to participate by April 30, 2014. Then you can file for Agristability in fall 2014.
It’s never too early to start planning for next year. For help with or more information about Agristability, contact us (link to http://www.hawkings.com/contact).
We can also help you with a tax estimate. Call us to make an appointment to see us.