Changes to the interest-free amount eligible for Canola farmers under the Cash Advance Program have now gone into effect.
Dave Gallant is Vice President of Finance with the Canadian Canola Growers Association, and says the changes were first announced by Prime Minister Mark Carney earlier this month, in light of the Chinese tariff situation.
"Prior to September 16th, farmers had the opportunity to get up to $250,000, interest-frree, on all commodities that they took their advance on. As of September 16th, farmers that have Canola on their advance are eligible to receive up to an additional $250,000, interest-free, for their Canola only."
Gallant adds that farmers who have already received a cash advance this year through the CCGA have already had their accounts adjusted to reflect the changes.
Farmers that apply for cash advances as of today will have the new rules applied to their application.
