Agristability

[Flatlander9]

Who is in? Who is out? Why?

We have been out for a number of years, accountant is suggesting we re-enter the program. But has not been able to give me numbers to convince me otherwise. Curious what others are thinking.

[Taiga]

Never entered. Don’t do insurance either. It’s sink or swim around here, on our own. .

[canolacrazy]

The program has a horrible reputation, totally deserved, however I would be in because the government has increased the payout level and the premium is very low.
Some basic rules:
-Don't pay an accountant to do it. figure it out on your own or use SCIC advisors for help. If you don't have the time, then forget it.
-Accountants always wait till deadline day, September 30, to file resulting in extreme delayed payments if there are any. That also results in your Agrivest payment getting delayed for a year as well.
-if you have a non calendar year end july 31 or earlier, file your inventory forms every year but don't enroll. reason being you are insuring last years crop and already know the outcome i.e. whether you have a claim or not. It's like buying fire insurance on your house after it burns down. Most don't know it but the program allows for this. If you have a claim on last years crop, enroll and get paid.
-Always send in your forms as soon as you can in the new year and get your tax done on time, this results in early calculation of benefits and quicker payment of Agrinvest.

[tubs]

We have agstability we collected some last year it is a lot cheaper than crop insurance for this area and if you have a wreck you still have something to fall back on. No cropinsurance here

[bucket]

The only people making money on this program are those that work there and that is questionable.

[13stripe]

Not in any government programs, farm within my risk comfort zone. Feedlots do well on this program.

[sumdumguy]

Canolacrazy is a very wise man. I worked there for 11 years. Guys who prepared their own were on a totally different level. If you have several guys farming together and sharing income and expenses, its tougher yet. I think its cheap insurance for a total wreck but boy you need patience.

[LEP]

If you have never been in the program it is quite alot of work to get your reference numbers together.

Do you have accrual financial statements? That would help make the decision.

Long and short of it, if you had reasonable crops during high prices you will have nice reference margins and have a high probability of getting paid well for your efforts.

[Old Cowzilla]

You can file sooner now (JUNE) and the coverage is higher . Accountant doesn't charge much and he can look after the phone calls. And yes cattle guys stand higher chance of collecting over grain. Just think when wet nose calves go from $3500 back down to $1500 . That would be like $20 canola going back to $10 never happen ! And yes it's just insurance don't lie awake at night waiting for big check .

[canolacrazy]

Well said OC. It is just insurance. It is not a farm subsidy program, although the way they are changing the rules lately you might think it is. If you don't want to put in the work of coming up with your margin, or think it is a waste of time, them screw it. However, this year there could be some pretty healthy payouts with the changes made.