STATISTICS CANADA RELEASES 2015 NET FARM INCOME AND FARM CASH RECEIPTS DATA

Similar documents
STATISTICS CANADA RELEASES 2016 GDP DATA

BC JOBS PLAN ECONOMY BACKGROUNDER. Current statistics show that the BC Jobs Plan is working: The economy is growing and creating jobs.

Federal and Provincial/Territorial Tax Rates for Income Earned

Alberta s Labour Productivity Declined in 2016

2010 CSA Survey on Retirement and Investing

Mortgage Loan Insurance Business Supplement

Gross Domestic Product

Prince Edward Island 2012 Fall Economic Update

Insolvency Statistics in Canada. September 2015

Comments on Selected Financial Information. 4.3 Debt

Trends in Labour Productivity in Alberta

Net interest income on average assets and liabilities Table 66

Insolvency Statistics in Canada. April 2013

Individual Taxation Tax Planning Guide

2. Full-time staffing intentions, next 3 months 3. General state of business health. * 12-month moving averages. * 12-month moving averages.

MULTILATERAL INSTRUMENT LISTING REPRESENTATION AND STATUTORY RIGHTS OF ACTION DISCLOSURE EXEMPTIONS

Net interest income on average assets and liabilities Table 75

2012 Annual Alberta Labour Market Review

The Nova Scotia Minimum Wage Review Committee Report

CONSUMER PRICE INDEX REPORT OCTOBER 2017

National Sector Results. First Quarter 2018

Business Barometer Newfoundland & Labrador

2. Full-time staffing intentions, next 3 months 3. General state of business health. 20 Bad 5 10 Down

Prince Edward Island Labour Force Survey 2017 Annual Report. Highlights:

National Sector Results. Fourth Quarter 2018

Business Barometer Newfoundland & Labrador

National System Results. Fourth Quarter 2016

Post-Secondary Education, Training and Labour August New Brunswick Minimum Wage Factsheet 2017

Saskatchewan Labour Force Statistics

2001 COOPERATIVE CREDIT ASSOCIATIONS - (in thousands of dollars) TABLE 1 - ASSETS

TAX FACTS What s Inside. Quick Estimates. RRSP, RPP and DPSP Limits. Top Personal Rates for CPP, EI and QPIP Rates

Employment Figures for September Down in Quebec, Up in Ontario

TAX CALCULATION SUPPLEMENTARY CORPORATIONS (2007 and later tax years)

MLS Sales vs. Listings (seasonaly adjusted)

2014 MINIMUM WAGE RATE ANNUAL REPORT

CREA Updates Resale Housing Forecast Ottawa, ON, September 15, 2016

SCOTIABANK OMBUDSMAN. The Year In Review 2015 ANNUAL REPORT

96 Centrepointe Dr., Ottawa, Ontario K2G 6B National Dental Hygiene Labour Survey

The fiscal 2014 economic impact of Finance PEI and Island Investment Development Inc. supported firms

National Instrument Definitions. (3) In a national instrument or multilateral instrument

Real Estate Rental and Leasing and Property Management

CREA Updates Resale Housing Forecast Ottawa, ON, December 15, 2014

Consumer Price Index. Highlights. Manitoba second highest among provinces. Consumer Price Index (CPI), Manitoba and Canada, February 2019

NATIONAL INSTRUMENT DEFINITIONS Act means the Securities Act of 1933 of the United States of America, as amended from time to time;


2017 Annual Alberta Labour Market Review

POVERTY PROFILE UPDATE FOR

Labour Market: Quebec Loses Ground, Ontario Makes Gains

2017 Alberta Labour Force Profiles Youth

2016 Alberta Labour Force Profiles Women

Access to Basic Banking Services

Mackenzie's Canadian Federal / Provincial Marginal Tax Rates

TAX INITIATIVES TAX OPTION GRADUATED FLAT COMPETITIVE

Yukon Bureau of Statistics

Tax Calculation Supplementary Corporations (2014 and later tax years)

Consumer Price Index, December 2013 Released at 8:30 a.m. Eastern time in The Daily, Friday, January 24, 2014

Statistical Overview of the Canadian Maple Industry 2016

EDUCATION SPENDING in Public Schools in Canada

FREE PREVIEW Full report available for FREE to Canadian Franchise Association members

Post-Secondary Education, Training and Labour Prepared May New Brunswick Minimum Wage Report

Provincial and National Employment, Alberta and Canada Employment Rates 1, % 62.7% 62.7% 63.0% 63.5%

Tax Alert Canada Private company tax reform: Personal tax increases on noneligible dividends scheduled for 2018 and 2019

Highlights. For the purpose of this profile, the population is defined as women 15+ years.

Appendix A Jurisdiction-Specific Requirements General Insurance Agents And Brokers

CANADIAN MANUFACTURERS & EXPORTERS BUSINESS CONDITIONS SURVEY

Post-Secondary Education, Training and Labour Prepared November New Brunswick Minimum Wage Report

CONSUMER PRICE INDEX REPORT NOVEMBER 2017

Consumer Price Index. Highlights. Manitoba fourth highest among provinces. Consumer Price Index (CPI), Manitoba and Canada, November 2018

How Investment Income is Taxed

Alberta Labour Force Profiles

The Fiscal 2015 Economic Impact of Finance PEI and Island Investment Development Inc. Supported Firms. November 2017

VENTURE CAPITAL MONITOR

The Nova Scotia Minimum Wage Review Committee

Franklin Target Return Fund (the Fund )

June Decentralization, Provincial Tax Autonomy and Equalization in Canada

Minimum Wage. This will make the minimum wage in the NWT one of the highest in Canada.

Comparing Ontario s Fiscal Position with Other Provinces

Source(s): Statistics Canada, Cansim Table , Seasonally Adjusted

Look to both coasts for the fastest growth in 2019

Consumer Price Index. Highlights. Manitoba third highest among provinces. Consumer Price Index (CPI), Manitoba and Canada, September 2018

Real Estate Rental and Leasing and Property Management

August 2015 Aboriginal Population Off-Reserve Package

October 2016 Aboriginal Population Off-Reserve Package

Trends in Labour Productivity in Alberta

Highlights of the Prince Edward Island Economy

Financial Statement Discussion and Analysis Report

How Investment Income is Taxed

Quebec and Ontario create jobs in May

April 2017 Alberta Indigenous People Living Off-Reserve Package

November 2017 Alberta Indigenous People Living Off-Reserve Package

December 2017 Alberta Indigenous People Living Off-Reserve Package

January 2018 Alberta Indigenous People Living Off-Reserve Package

2011 BCSECCOM 77. Applicable British Columbia Provisions National Instrument Insider Reporting Requirements and Exemptions, s. 10.

THE PRINCE EDWARD ISLAND ECONOMY PROGRESS REPORT 2005

SPECIMEN Application for Registration of a Pension Plan (Application)

2008 ANNUAL ALBERTA LABOUR MARKET REVIEW

Quebec-Ontario: Demographics are shaping the labour market

2018 FEDERAL BUDGET HIGHLIGHTS What Professionals and Business Owners Need to Know

Income, pensions, spending and wealth

Alberta Minimum Wage Profile April March 2018

Transcription:

STATISTICS CANADA RELEASES 2015 NET FARM INCOME AND FARM CASH RECEIPTS DATA 2015 NET FARM INCOME On May 25, 2016 Statistics Canada released estimates of Net Farm Income for Canada and the provinces for 2015, as well as revisions for 2013 and 2014. Total net farm income measures the financial flows and stock changes of farm businesses (net cash income minus depreciation plus income in kind and value of inventory change). On Prince Edward Island total net farm income in 2015 was valued at $32.1 million, a decrease of 33.0 per cent from 2014. The value of realized net income in 2015, which also allows for depreciation and income-inkind, decreased from $42.3 million in 2014 to $25.2 million in 2015. The detailed results for Canada and Prince Edward Island are presented Table 1. Net cash income in 2015 was valued at $75.0 million, a decrease of 16.7 per cent from 2014. The decrease in net cash income was a result of a $8.4 million decrease in total farm cash receipts (including government payments) combined with a $6.7 million increase in total operating expenses after rebates. Farm cash receipts for PEI saw a decrease of 1.8 per cent, down from $475.1 million in 2014 to total $466.7 million in 2015. Table 1 NET FARM INCOME, CANADA AND PEI, 2013 2015 2013 2014 2015 Canada PEI Canada PEI Canada PEI Item: (thousands $) (thousands $) (thousands $) + Total farm cash receipts incl. $55,227,014 $496,972 $57,886,741 $475,067 $59,430,885 $466,659 - Total operating expenses after $42,664,426 $384,942 $43,890,080 $384,922 $44,396,107 $391,611 rebates = Net cash Income $12,562,588 $112,030 $13,996,661 $90,145 $15,034,778 $75,048 + Income-in-kind $46,804 $333 $56,941 $331 $61,438 $326 - Depreciation $6,346,933 $46,356 $6,594,968 $48,132 $6,951,245 $50,195 = Realized Net Income $6,262,459 $66,007 $7,458,634 $42,344 $8,144,971 $25,178 + Value of inventory change $6,146,286 -$649 -$2,774,548 $5,489 -$1,387,008 $6,886 = Total Net Income $12,408,745 $65,358 $4,684,086 $47,833 $6,757,963 $32,064

2015 FARM CASH RECEIPTS On May 25, 2016 Statistics Canada also released preliminary estimates of farm cash receipts for Canada and the provinces for the fourth quarter of 2015 and the first quarter of 2016. Prince Edward Island s farm cash receipts decreased by $8.4 million in 2015 to total $466.7 million. This is down from $475.1 million in 2014. Livestock receipts increased for the sixth consecutive year, rising 3.4 per cent to reach $150.5 million. Crop receipts declined by 4.6 per cent to total $293.1 million, while direct payments to farmers increased by 3.7 per cent to total $23.1 million. Total crop receipts decreased by 4.6 per cent in 2015. Potato receipts were valued at $223.8 million, a decrease of 3.8 per cent. Receipts for other crops (minus potatoes) declined by 7.2 per cent to total $69.3 million. Receipts for soybeans declined 20.4 per cent to total $14.8 million. Livestock receipts increased for the sixth consecutive year, rising by 3.4 per cent over 2014 to total $150.4 million. Cattle receipts increased by 22.2 per cent, rising to $39.3 million from $32.2 million in 2014. Hog receipts decreased in 2015 by 18.5 per cent to total $12.4 million. Receipts for dairy products were valued at $75.1 million in 2015, a slight decrease of 0.9 per cent from 2014. Other livestock receipts increased by 5.7 per cent to reach $23.6 million. Direct payments to farmers increased 3.7 per cent to total $23.1 million. Crop insurance payments, which made up 72 per cent of direct payments to farmers, totalled $16.5 million in 2015 as compared to $12.9 million in 2014. Table 2 ANNUAL FARM CASH RECEIPTS, P.E.I. Farm Cash Receipts Item: 2014 ($ 000s) 2015 ($ 000s) Change ($ 000s) Percentage change Crops $307,247 $293,091 ($14,156) -4.6 Potatoes $232,650 $223,837 ($8,813) -3.8 Soybeans Other crops $18,604 $55,993 $14,808 $54,446 ($3,796) ($1,547) -20.4-2.8 Livestock $145,555 $150,474 $4,919 3.4 Cattle $32,195 $39,334 $7,139 22.2 Hogs $15,199 $12,393 ($2,806) -18.5 Dairy $75,845 $75,149 ($696) -0.9 Other $22,316 $23,598 $1,282 5.7 Total direct payments $22,265 $23,094 $829 3.7 Total Receipts $475,067 $466,659 ($8,408) -1.8 2

Farm Cash Receipts P.E.I. 2006-2015 $ thousands 600,000 500,000 400,000 300,000 200,000 100,000 0 Crop Direct Payments Livestock P.E.I. HIGHLIGHTS (see Table 2) Crops Potato receipts declined for the fourth consecutive year, decreasing to $223.8 million in 2015. Following 8 years of increases from 2006 to 2013, receipts for soybeans decreased for the second consecutive year, falling by 20.4 per cent to $14.8 million. Other crop receipts (total crops minus potatoes and soybeans) totalled $54.4 million, a decrease of 2.8 per cent over 2014. Notable increases were seen in receipts for wheat excluding durum, up by 30.3 per cent to total $6.6 million, barley, up by 8.5 per cent to total $11.2 million, and oats, up by 25.2 per cent to total $1.4 million. Notable declines occurred in receipts for blueberries, down 22.2 per cent to total $9.3 million, total small fruits, down 20.2 per cent to total $10.4 million and corn, down 43.6 per cent to total $1.6 million. Livestock Livestock receipts during 2015 totalled $150.5 million, a 3.4 per cent increase compared to 2014. Cattle and Calves receipts increased by 22.2 per cent to value $39.3 million. Hog receipts decreased by 18.5 per cent to total $12.4 million. Dairy product receipts for 2015 totalled $75.1 million, a decrease of 0.9 per cent. Egg receipts totalled $5.4 million, an increase of 2.8 per cent. Receipts for other livestock increased by 5.7 per cent. Support payments Government payments and support to farmers totalled $23.1 million in 2015, an increase of 3.7 per cent compared to 2014. The increase was largely due to a 28.3 per cent rise in crop insurance payments, which totalled $16.5 million, compared to $12.9 million in 2014. Total farm receipts minus government support payments declined by 2.0 per cent to total $443.6 million, down from $452.8 million in 2014. 3

Nationally, farm cash receipts for 2015 totalled $59.4 billion, up $1.5 billion or 2.7 per cent from 2014. This follows a 4.8 per cent increase in 2014 and marks the fifth consecutive year of growth. Receipts for crop producers increased 5.2 per cent to $31.6 billion, mainly due to a 110.1 per cent increase in receipts for lentils, a crop grown primarily in Saskatchewan. Livestock receipts fell slightly by 0.2 per cent to $25.7 billion, the first decline since 2009. This was mainly due to lower hog prices, which pushed hog receipts down 17.0 per cent. Of the four Atlantic provinces, only Prince Edward Island saw a decline in total receipts. Other provinces to see declines in total farm cash receipts were Quebec (-3.6 per cent) and Manitoba (-2.5 per cent). The largest percentage increases were seen in Saskatchewan (9.2 per cent), Alberta (5.1 per cent), and British Columbia (4.5 per cent). National farm cash receipts for 2015 and comparable data for 2014 are presented in Table 3. Table 3 NATIONAL AND PROVINCIAL FARM CASH RECEIPTS 2014 2015 2014 To 2015 Province: $ millions % change Canada 57,887 59,431 2.7 Newfoundland and Labrador 126 130 2.9 Prince Edward Island 475 467-1.8 Nova Scotia 573 581 1.4 New Brunswick 561 563 0.3 Quebec 8,466 8,158-3.6 Ontario 12,723 12,726 0.0 Manitoba 5,975 5,823-2.5 Saskatchewan 13,146 14,354 9.2 Alberta 12,898 13,554 5.1 British Columbia 2,944 3,076 4.5. 4

QUARTERLY FARM CASH RECEIPTS FIRST QUARTER 2016 Prince Edward Island s farm cash receipts for the first quarter of 2016 totalled $126.9 million, up 3.5 per cent compared to the same period last year. Total crop receipts increased by 12.1 per cent. Potato receipts increased by 15.0 per cent, while receipts for other crops were down 3.7 per cent. Livestock receipts decreased by 10.6 per cent compared to the first quarter of 2015, to total $35.7 million. This was largely due to a 48.3 per cent decrease in cattle receipts. Direct payments decreased by 4.9 per cent to value $8.4 million. Table 4 2016 FIRST QUARTER FARM CASH RECEIPTS, PEI Farm Cash Receipts Item: Q1 2015 ($ 000s) Q1 2016 ($ 000s) Percentage change Crops 73,905 82,820 12.1 Potatoes 62,140 71,490 15.0 Other crops 11,765 11,330-3.7 Livestock 39,982 35,738-10.6 Cattle 9,106 4,709-48.3 Hogs 2,866 2,324-18.9 Dairy 18,769 19,388 3.3 Other 9,241 9,317 0.8 Total direct payments 8,818 8,388-4.9 Total Receipts 122,705 126,946 3.5 PEI HIGHLIGHTS (see Table 4) Crops Farm cash receipts for crops during the first quarter of 2016 increased by 12.1 per cent over the same period in 2015 to total $82.8 million. Potato receipts increased from $62.1 million in the first quarter of 2015 to $71.5 million during the same period in 2016. Soybean receipts declined, falling from $2.9 million in the first quarter of 2015 to $2.2 million during the same period in 2016, a decrease of 25.5 per cent. Field vegetables increased by 6.4 per cent. Crop receipts excluding potatoes totalled $11.3 million, a decrease of 3.7 per cent over 2015. Livestock Livestock receipts during the first quarter of 2016 totalled $35.7 million, down 10.6 per cent from the same period in 2015. Cattle receipts decreased by 48.3 per cent to $4.7 million. Hog receipts decreased by 18.9 per cent to total $2.3 million. Dairy product receipts for the first quarter of 2016 totalled $19.4 million, increasing by 3.3 per cent over the same period in 2015. Egg receipts saw a decrease of 2.5 per cent over first quarter 2015 to total $1.3 million. 5

Receipts for other livestock and livestock products increased by 0.8 per cent to total $9.3 million. Total Direct Payments Government payments and support to farmers over the first quarter of 2016 totalled $8.4 million, down by 4.9 per cent compared to the first quarter of 2015. Total farm cash receipts excluding government support payments rose by 4.1 per cent. Nationally, farm cash receipts totalled $15.5 billion in the first quarter of 2016, up $580 million or 3.9 per cent from the same period in 2015. Crop receipts increased by 12.2 per cent over the same period in 2015. Livestock receipts fell by 4.5 per cent to $6.1 billion. Farmers received $477 million in program payments during the first quarter of 2016, down 18.5 per cent from the same period of 2015. National and provincial farm cash receipts for the first quarter of 2016 and comparable data for 2015 are presented in Table 2. Table 5 NATIONAL AND PROVINCIAL Q1 2016 FARM CASH RECEIPTS January to January to Jan-Mar. 2015 March 2015 March 2016 To Jan-Mar. 2016 Province: $ millions % change Canada 14,954 15,535 3.9 Newfoundland and Labrador 39 39-0.1 Prince Edward Island 123 127 3.5 Nova Scotia 180 163-9.2 New Brunswick 127 132 3.7 Quebec 1,760 1,807 2.7 Ontario 2,629 2,645 0.6 Manitoba 1,761 1,708-3.0 Saskatchewan 4,126 4,550 10.3 Alberta 3,583 3,738 4.3 British Columbia 627 625-0.3. For more information contact: Colin Mosley PEI Statistics Bureau Department of Finance Ph: 902 368-4035 Email:cdmosley@gov.pe.ca 6