Agriculture and Agri-Food Canada

Agriculture and Agri-Food Canada

June 10, 2005 11:34 ET

AAFC: Producers Can Now Access All Funds in CAIS Accounts

OTTAWA, ONTARIO--(CCNMatthews - June 10, 2005) - New amendments to the Canadian Agriculture Income Stabilization (CAIS) program, which will significantly benefit producers, are now in place.

Responding to the concerns of producers, the Government of Canada, along with provincial and territorial governments, announced the following changes to the CAIS program, effective immediately:



- Producers can now access all funds in their CAIS accounts. This
will provide approximately 62,600 producers with access to more
than $603 million (current as of June 7). This will ease the cash
flow issues which many producers are facing. Producers can contact
the CAIS administration in their province, for information on how
to access their funds.

- The one third deposit will be extended for the 2005 program year.
Alternatives to the deposit are currently under discussion. The
deposit deadline is March 31, 2006.


The CAIS program is delivered by the Government of Canada's CAIS Administration in British Columbia, Saskatchewan, Manitoba, New Brunswick, Yukon, Nova Scotia, and Newfoundland and Labrador. Producers in these provinces can contact the CAIS administration toll free at 1-866-367-8506

In Alberta, producers can call Agriculture Financial Services Corporation (AFSC) at 1-877-744-7900. In Ontario, producers can call AGRICORP at 1-877-838-5144. In Quebec, producers can call La Financiere agricole du Quebec at 1-800-749-3646. On Prince Edward Island, producers can call 1-902-368-4842.

To date, more than $1.6 billion has been distributed to producers through the CAIS program. Governments are committed to providing effective programming that meets the needs of producers across the country.



CAIS ACCOUNT WITHDRAWALS

Backgrounder


Ontario CAIS Participants

In Ontario, Agricorp administers the Canadian Agricultural Income Stabilization (CAIS) program. Agricorp will soon notify Ontario CAIS participants of the recent amendments that now allow them to withdraw all remaining funds in their CAIS accounts.

CAIS participants may choose whether to withdraw the remaining funds in their CAIS accounts. Producers who want to leave the funds in their CAIS accounts will be required to notify Agricorp by a specified date. Producers who wish to withdraw the remaining funds do not need to take any action.

Agricorp will authorize financial institutions to issue the funds to those CAIS participants who opt to withdraw their funds. Every effort will be made to process these transactions as quickly as possible.

It is important to note that federal, provincial and territorial ministers of agriculture directed officials to develop alternatives to the current CAIS deposit in consultation with industry. Options will be presented to ministers for consideration at their annual meeting in July.

Producers will be notified as soon as possible of any changes to the deposit requirement. Under the current program rules, Ontario producers must have one-third of the required deposit in their CAIS account on March 31, 2006 to participate in the 2005 CAIS program.

Producers can contact Agricorp toll-free at 1-877-838-5144.

Contact Information

  • Minister Mitchell's Office
    Elizabeth Whiting
    Press Secretary
    (613) 759-1059
    or
    Agriculture and Agri-Food Canada, Ottawa
    Media Relations
    1 866 345-7972 or (613) 759-7972