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May 29, 2024FARM INCOME, 2023 [PRELIMINARY] Statistics Canada has released preliminary results for annual farm incomes in Canada in 2023.
Net farm income in Canada was $12.8 billion on farm cash receipts of $99.6 billion in 2023. Canadian farm cash receipts were up by 4.4% while operating expenses (after rebates) grew by 2.3%. Canadian net farm income was $21.7 billion in 2022.
In Nova Scotia, farms reported net loss of $40.5 million on cash receipts of $757.2 million. Nova Scotia farm cash receipts were up 4.3% while operating expenses (after rebates) rose by 2.7%. Nova Scotia's net farm income has been negative for seven consecutive years.
Nova Scotia farm net incomes amounted to -5.4% (loss) of farm cash receipts in 2023, narrowing from a loss of 6.0% of farm cash receipts in 2022. There was negative net farm income for 2023 in Newfoundland and Labrador, Nova Scotia and British Columbia. Both Newfoundland and Labrador and British Columbia have reported negative net farm incomes in each of the last four years.
National average net farm income was 12.9% of farm cash receipts in 2023, down from 22.8% in 2022. The highest net farm income as a share of 2023 farm cash receipts were reported in Saskatchewan (24.3%).
The composition of farm cash receipts is different in Nova Scotia from the national average. Across the country, grains (wheat, oats, barley, rye, flaxseed) make up the largest farm cash receipts, followed by cattle and calves.
In Nova Scotia, dairy products make up the largest cash receipts (though poultry and hogs are not reported individually for Nova Scotia and are reported in the substantial 'other livestock' category). Among crops, vegetables, cannabis, blueberries and apples make up the largest cash receipts.
The largest growth in Canadian cash receipts in 2023 were from grains, cattle/calves and vegetables.
The largest growth in Nova Scotia farm cash receipts were observed in insurance/stability payments, followed by cattle/calves, other livestock and dairy.
Source: Statistics Canada. Table 32-10-0052-01 Net farm income (x 1,000), Table 32-10-0045-01 Farm cash receipts, annual (x 1,000)
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