September 30, 2010, is the deadline for filing the 2009 tax and supplementary forms without a penalty for the AgriStability program.
"You can also send them after September 30, but there will be a penalty of $500 per month," says Norm Gueutal, field analyst, Agriculture Financial Services Corporation (AFSC), Vermilion. "We'll be accepting these forms up to December 31, 2010."
AgriStability allows producers to protect their farm operation against large margin declines. It directs government funds to those in need by providing disaster assistance to program participants who experience margin declines greater than fifteen per cent.
To be eligible for AgriStability, in a program year the participant must have:
• carried on the business of farming in Canada;
• conducted a minimum six consecutive months of farming activity;
• completed a Production Cycle;
• reported farming income (loss) for income tax purposes, unless exempt under the federal Indian Act;
• met all program requirements by the deadlines.
"It's a good idea to do a physical count at fiscal year end of the inventory you have on hand," says Gueutal. "This can be a real help when it comes to completing the forms, as well as giving you something to check the forms against to make sure things make sense."
AFSC staff are available to help producers with the forms. "There are 12 field analysts located throughout the province, as well as the AFSC call centre," says Gueutal. "If there is something you're unsure of when filling out the forms, these people can give you the answer quickly." For a list of field analyst locations, go to www.afsc.ca or contact the AFSC call centre in Lacombe.
Producers who did have a disaster in 2009 should indicate as such on the forms. "Make sure the disaster is highlighted, perhaps by writing notes right on the forms," notes Gueutal. "As well, bear in mind interim payments are available for those who have experienced a disaster. The forms are available at www.afsc.ca or by calling the call centre at 1-877-899-AFSC."
AgriStability is part of the new suite of Business Risk Management Programs under Growing Forward.
