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May 25, 2023FARM INCOME, 2022 [PRELIMINARY] Statistics Canada has released preliminary results for annual farm incomes in Canada in 2022.
Net farm income in Canada was $21.3 billion on farm cash receipts of $95.0 billion in 2022. Canadian farm cash receipts were up by 14.8% while operating expenses (after rebates) grew by 21.2%. Canadian net farm income was $6.1 billion in 2021.
In Nova Scotia, farms reported net loss of $76.5 million on cash receipts of $737.8 million. Nova Scotia farm cash receipts were up 13.5% per cent while operating expenses (after rebates) rose by 15.9%. Nova Scotia's net farm income has been negative for six consecutive years.
Nova Scotia farm net incomes amounted to -10.4% (loss) of farm cash receipts in 2022, widening from a loss of 8.1% of farm cash receipts in 2021. There was negative net farm income for 2021 in Newfoundland and Labrador, Nova Scotia and British Columbia.
National average net farm income was 22.4% of farm cash receipts in 2022, up from 7.3% in 2021. The highest net farm income as a share of 2021 farm cash receipts were reported in Saskatchewan (44.0%).
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, eggs, blueberries, cannabis 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 2022 were from grains, cattle/calves and soyboeans as well as insurance/stability/support payments to farms.
The largest growth in Nova Scotia farm cash receipts were observed in other livestock (which includes poultry), unprocessed dairy, cannabis and eggs.
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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