News Release Archive
AGRICULTURE/MARKETING--FARMERS ADD $3.4 MILLION TO NISA ACCOUNTS ----------------------------------------------------------------- Agriculture and Marketing Minister Guy Brown, is pleased with Nova Scotia farmers' participation in the Net Income Stabilization Account (NISA) program. In response to his department's new programming and an education and promotion campaign, 994 Nova Scotia farmers contributed to NISA accounts in 1996. This is a 190 per cent increase in participation from the 1995 level of 342 farms. Nova Scotia now has the highest number of farmers enrolled in NISA of any province in Atlantic Canada. "We set a target to increase our province's participation rate by 150 per cent by 1997 and Nova Scotian farmers have really responded to the initiative and surpassed our expectations," Mr. Brown said. "The NISA program is a cornerstone of our provincial safety net strategy for agriculture and we are glad to see so many of our farmers making use of it. At the same time, there are many more out there who we would still like to see sign up." This enhanced national stabilization program is established through an agreement by the federal and provincial agriculture ministers. Nova Scotia farmers can deposit up to 4 per cent of their eligible net sales each year into their own NISA account, and the federal and provincial governments together make matching deposits. They can then withdraw funds from the account in years of low income which helps to stabilize their situation. In 1996, producers deposited more than $1.7 million to their NISA accounts, attracting matching federal-provincial funds to make a total of over $3.4 million in new income stabilization funds available to Nova Scotia farmers. This brings the total NISA funds for Nova Scotia to just over $6.3 million. "I am very pleased with the producer response to this program and I want to congratulate our department staff who worked so hard to get the information out to farmers," said Mr. Brown. In addition to the department's promotion and education efforts, Nova Scotia is also spearheading a "mixed farm pilot project" to help boost participation. And in December, Mr. Brown announced the province's Deposit Assistance Program for Beef which is providing $400,000 to help farmers in this sector gain access to the benefits of the NISA program. -30- Contact: Gary Morton 902-679-6007 trp Mar. 4, 1997 - 2:30 p.m.