Winnipeg, MB – Finance Minister, Chrystia Freeland, tabled Budget 2023 on March 28, 2023. Budget 2023 contains a proposed increase to the interest-free portion of the 2023 Advance Payments Program from $250,000 to $350,000.
Budget 2023 has been tabled and there are numerous steps in the legislative process that will occur in the coming weeks. Currently, Budget 2023 has not been passed and the various legislative pieces will take time to be enacted and implemented.
Canadian Canola Growers Association (CCGA) will be watching Budget 2023 as it progresses through the legislative process. At this time, we are unable to determine when the proposed regulatory changes to the interest-free portion of an advance may come into effect for the 2023 program year.
As we have done with prior mid-year program changes, CCGA will promptly advise customers about this change once we have more details from Agriculture and Agri-Food Canada. CCGA’s website will be updated when additional information becomes available.
The Advance Payments Program is a federal loan program administered by CCGA. It offers Canadian farmers marketing flexibility through interest-free and low interest cash advances.