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About the Program
The Ontario Beef Cattle Financial Protection Program was established through provincial legislation and regulation to provide protection to cattle sellers against default in payment when cattle are sold to a licensed dealer. The program is administered by Agricorp.
The program consists of the licensing of livestock abattoirs, associations, auction markets, country dealers and packing plants. A fund is established from a compulsory ten cent per head deduction when cattle are sold. A claim can be made against the fund if an eligible cattle seller has suffered a default in payment. Claims are adjudicated by an industry board appointed by the Minister according to a set of program criteria.
Any producer who sells cattle to an unlicensed livestock abattoir, auction market, country dealer, or packing plant is not covered under the program therefore, it is important to sell cattle to a licensed livestock abattoir, auction market, country dealer, or packing plant.
Payment Deadlines
If the sale is $15,000 or less: Buyers must ensure that payment is made so it can be deposited in the seller's bank no later than 1:00 p.m. on the ninth business day following the day of sale.
If the sale is $15,001 or more: Buyers must ensure that the payment is made so that it can be deposited in the seller's bank no later than 1:00 p.m. on the sixth business day following the day of sale.
Notification of Non-Payment
Contact Agricorp immediately if payment is late.
Making a Claim
Sellers making a claim must apply to the Livestock Financial Protection Board within 30 days of the day of sale.
Sellers may also make a claim if a dealer has ceased operation or if a dealer's assets were placed under a trustee or receiver.
Day of sale can be:
- Day of weighing, where price is determined on a live weight basis;
- Day of grading, where price is determined on a carcass grade basis; or
- Day of purchase, where price is determined on a per head basis.
Payment can be made by cheque, direct deposit, electronic transfer or any other kind of transfer agreed to by the seller and the buyer.
If a seller is in any doubt whatsoever regarding the current status of a prospective purchaser, he/she should contact:
Agricorp
Phone: 1-888-247-4999
Fax: 519-826-4118
Email: contact@agricorp.com
Mail: Agricorp, 1 Stone Road West, Box 3660 Stn. Central, Guelph, ON N1H 8M4
How To Protect Yourself
Always deal with a licensed dealer. When in doubt, ask to see the license or check here for a current list of licensed dealers. Sales to an unlicensed dealer are not covered by the Ontario Beef Cattle Financial Protection Program.
Do not extend credit to a dealer. This means that you should never ship another load of cattle once payment for a previous load is overdue.
Notify Agricorp (contact info above) if you do not receive payment on time.
File your claim with the Livestock Financial Protection Board c/o Agricorp no later than 30 days after the day of sale.
The Ontario Beef Cattle Financial Protection Program Licensed Dealer List
The complete listing of licensed dealers is maintained by Agricorp. Please click here to be directed to this complete listing.