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May 28, 2018FARM INCOME, 2017 Statistics Canada has released annual results for farm incomes in Canada in 2017. Net farm income in Canada was $9.8 billion on farm cash receipts of $61.6 billion. Canadian farm cash receipts were up by 1.8 per cent while operating expenses (after rebates) grew by 2.4 per cent.
In Nova Scotia, farms reported net loss of $24.9 million on cash receipts of $565 million. Nova Scotia farm cash receipts fell by 5.7 per cent - the largest among the provinces - while operating expenses (after rebates) rose by 0.9 per cent.
Nova Scotia farm net incomes amounted to -4.4 per cent (4.4% loss) of farm cash receipts in 2017, down from 1.1 per cent of farm cash receipts in 2016. National average net farm income was 16.2 per cent of farm cash receipts in 2017, up from 15.9 per cent in 2016. The highest net farm income as a share of farm cash receipts was reported in Saskatchewan at 23.8 per cent.
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 and vegetables make up the largest cash receipts (though poultry and hogs are not reported individually and may appear in other livestock).
The largest growth in Canadian farm cash receipts in 2017 came from increases in both crop and livestock sales. In Nova Scotia, the largest gains in farm cash receipts were reported in dairy products, apples, and vegetables. Farm cash receipts for furs in Nova Scotia declined from $54.5 million in 2016 to $29.3 million in 2017.
Farm Income, 2017
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