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May 24, 2017FARM INCOME, 2016 Statistics Canada has released annual results for farm incomes in Canada in 2016. Net farm income in Canada was $9.50 billion on farm cash receipts of $60.0 billion. Canadian farm cash receipts were up by 0.5 per cent while operating expenses (after rebates) declined by 0.9 per cent.
In Nova Scotia, farms reported net loss of $3.2 million on cash receipts of $589.1 million. Nova Scotia farm cash receipts dropped by 0.7 per cent while operating expenses (after rebates) rose by 1.6 per cent.
Nova Scotia farm net incomes amounted to -0.5 per cent (0.5% loss) of farm cash receipts in 2016, down from 2.7 per cent of farm cash receipts in 2015. National average net farm income was 15.8 per cent of farm cash receipts in 2016, up from 13.9 per cent in 2015. The highest net farm income as a share of farm cash receipts was reported in Saskatchewan at 29.3 per cent.
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 and furs make up the largest cash receipts (though poultry and hogs are not reported individually and may appear in other livestock).
The largest growth in Canadian farm cash receipts in 2016 came from a rise in crop sales, offsetting livestock receipts. In Nova Scotia, the largest gains in farm cash receipts were reported in vegetables, apples, and dairy products. Farm cash receipts for furs in Nova Scotia declined from $87.0 million in 2015 to $54.5 million in 2016.
Farm Income, 2016
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