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23-02-Interest free portion of App
The Board fully supports this request to increase the interest- free portion of the Advanced Payments Program (APP).
During the past year, BFO has put forward motions and raised this request with the Canadian Cattle Association’s (CCA) Board of Directors, the CCA Officers and Executive committees, and the Domestic Agriculture, Policy and Regulations Committee. Our staff have also promoted this request with the national management group that meets monthly and includes CCA management and the provincial cattle association general managers.
In April, BFO and Ontario’s CCA directors held meetings in Ottawa with Senators and Members of Parliament, including MP Francis Drouin, the Parliamentary Secretary to the Minister of Agriculture and Agri-Food. During these meetings we prioritized the APP program and our concerns regarding the interest-free portion.
We were pleased that the 2023 Canadian Federal Budget included a commitment to increase the interest-free portion of APP from $250,000 to $350,000 in the wake of higher interest rates and production costs. In response, BFO sent a letter, which has been appended to this response, to the federal agriculture minister thanking the minister and his government for the commitment to increase the interest-free portion of APP and to ensure that commitment is extended.
Ensuring that the industry has access to predictable, timely, and effective BRM programs continues to be a critical pillar of BFO's government relations priorities. With respect to the APP, we can commit to continuing to press this issue with CCA and the federal government, and will update the membership should there be any further progress to report.
To review the communication sent to the Federal Minister of Agriculture and Agri-Food Canada, please see the PDF copy of this response using the blue button below.