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Ontario ups funding for agri-sector risk management program to $250M

The Ontario government has increased funding from $150 million to $250 million for the Risk Management Program (RMP) that aims to support farmers and the Agri-sector.

In a recent release, the government announced the $100 million increase in funds will support farmers in responding to market challenges while boosting their long-term business confidence and competitiveness.

The program supports over 383,000 jobs and $24 billion throughout Ontario’s agri-food supply chain across 8,500 farms which produce cattle, hogs, sheep, veal, grains, oilseeds, as well as edible horticulture through the Self-Directed Risk Management stream.

The increase will be phased out over a three-year period, starting with a $3 million increase for the 2025 program year, leading to an annual total of $250 million by the 2027 program year.

Producer premiums will remain at 35 per cent of government funding and the current phase-in of this will continue.

The new funds build on the $50 million annual increase to RMP in 2020 to $150 million and past reforms which allowed unused program funds to be rolled over to future year claims, allowing the program to be most responsive in times of great need.

It also builds on the 2023 changes to the compensation rates for AgriStability which were increased from 70 percent to 80 percent.

“Ontario farmers work tirelessly to feed our growing province, and they deserve a government that protects them and their industry against economic uncertainty,” said Peter Bethlenfalvy, Minister of Finance, in the release.

“This investment will not only continue to support hundreds of thousands of jobs and billions in economic activity, it will also help ensure the continued growth of Ontario’s thriving agri-food sector for generations.”

More information can be found here.