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November 28, 2022FARM INCOME, 2021 [REVISED] Statistics Canada has released revised results for annual farm incomes in Canada in 2021.
Net farm income in Canada was $6.1 billion on farm cash receipts of $83.2 billion. Canadian farm cash receipts were up by 15.3% while operating expenses (after rebates) grew by 10.5%. Canadian net farm income was $7.9 billion in 2020.
In Nova Scotia, farms reported net loss of $42.5 million on cash receipts of $673.2 million. Nova Scotia farm cash receipts were up 15.0% per cent while operating expenses (after rebates) rose by 11.0%. Nova Scotia's net farm income has been negative for five consecutive years.
Nova Scotia farm net incomes amounted to -6.3% (loss) of farm cash receipts in 2021, narrowing from a loss of 10.0% of farm cash receipts in 2020. There was negative net farm income for 2021 in Newfoundland and Labrador, Nova Scotia and British Columbia.
National average net farm income was 7.4% of farm cash receipts in 2021, down from 10.9% in 2020. The highest net farm income as a share of 2021 farm cash receipts were reported in Prince Edward Island (20.1%).
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, cannabis, blueberries and vegetables 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).
The largest growth in Canadian cash receipts in 2021 were from grains, cattle/calves and hogs as well as insurance/stability/support payments to farms.
The largest growth in Nova Scotia farm cash receipts were observed in blueberries, cannabis, unprocessed dairy and other livestock (which includes poultry and hogs). Data for cash receipts from furs were not separately reported (for either Nova Scotia or Canada).
Dairy and other livestock (including poultry and hogs) are the largest sources of farm cash receipts in Nova Scotia, followed by cannabis, whose cash receipts now surpass those from blueberries, eggs and cattle/calves.
Note: data for Nova Scotia cranberry cash receipts in 2021 were unavailable
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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