NCFA, along with CCA, submitted a letter to Minister LeBlanc, Department of Finance, regarding the interest-free portion of loans under the Advance Payments Program (APP).
For the last three budgets (2022, 2023, and 2024), we were pleased to see the federal government temporarily increase the portion to $250,000, $350,000, and $250,000 from the statutory maximum of $100,000. Unless changes are made prior to April 1st, the amount will revert to $100,000. This number does not account for inflation and increases to interest rates while failing to provide adequate support for Canadian producers. For this reason, we call on the federal government to keep the limit permanent at $350,000 to reflect ongoing pressures due to inflation and high input costs.