Over $33 million in assistance will be sent out to Ontario grain and oilseed farmers this week under the Market Revenue Insurance (MRI) program.
In addition to this payment, all eligible Net Income Stabilization Account (NISA) participants will be able to make an additional one per cent deposit into their accounts, which will be matched by the provincial and federal governments. This will allow producers to deposit up to five per cent of their eligible net sales this year, making an additional $25 million available to all participating producers in 2002.
In July Helen Johns announced that Ontario would help farmers improve their bottom line by implementing an Ontario transition strategy to enhance the MRI and NISA programs.
Along with signing the five-year Agricultural Policy Framework (APF) agreement, Ontario has committed its 40 per cent share to match the federal government’s announcement of $1.2 billion over two years to assist Canadian farmers with the transition to the APF.