The Canadian Farm Families Options Program (Options) is a two-year pilot program which helps farmers and their families improve their income prospects, while enabling them to access Renewal services to gain knowledge, develop new skills, and invest in strategic planning and management activities. Options is intended for both individual farmers and farm families whose total income from all sources has fallen below certain levels.
The Options payment will be calculated to bring a farm family income from all sources up to a $25,000 threshold, or up to a $15,000 threshold for an individual farmer. Applicants will receive the difference between the threshold and their total income from all sources, for each year of the program. Payments in the first year of the program will be a maximum of $15,000 for individual farmers, and $25,000 for farm families. For those receiving payments in both years of the program, the second year payment will be reduced by at least 25%.
You are eligible for the 2005 tax year if:
• Your gross farm income is more than $50,000;
• Your family income (yours and your spouse’s) is less than $25,000 ($15,000 for individual farmers);
• You agree to participate in programming to improve your farm family financial situation; (see application guide for further details)
• You are farming in 2006.
If you meet these four qualifications you may be eligible for a payment up to $25,000 to bring your family income to the $25,000 level or $15,000 to bring your individual income to the $15,000 level.
You will need your 2005 tax return or 2005 Notice of Assessment to complete the Options application.
If you have any questions about the program or to obtain an application form, please contact the Options toll-free line at 1-866-367-8506 or visit the program website at www.agr.gc.ca/options
To be accepted, your application must be postmarked on or before October 31, 2006. Applications postmarked after this date will not be accepted.
From the Archives:
OMAFRA Update 2, October 2006
