CFIP is a national program designed to target funds to producers who have experienced a sudden and severe drop in income due to circumstances beyond their control. Together with the provinces we are working on a plan to address both the short and long term issues facing the agriculture sector, and the Canadian Farm Income Program is one component of this plan. The Minister noted this figure is higher than anything that's been on the table for farmers since 1995. In the NISA program, producers deposit up to three per cent of their eligible net sales. Deposits are matched by federal and provincial governments.
Producers can draw on their accounts when their farm income drops.
The availability of applications for CFIP, the increase in interest-free loans under the Spring Credit Advance Program, and the recent federal injection of half a billion dollars in emergency assistance, demonstrates the Government of Canada's commitment to the sector and addresses many of the challenges currently facing the agriculture industry. Staff are available at the toll-free number to answer questions on how the program works or how to complete the forms, and the CFIP administration will offer information sessions this spring in rural communities. In an effort to ensure applications are completed accurately and processed promptly, the administration encourages all producers and accountants to take advantage of these services when completing the forms. The CFIP program will be delivered by the federal government in Manitoba, New Brunswick, Nova Scotia and Newfoundland and by provincial governments in British Columbia, Alberta, Ontario, Quebec and Prince Edward Island.