Net farm income dropped in all provinces last year, however, Saskatchewan remains the province with the highest net farm income.
The latest numbers released by Statistics Canada show total net farm income for Canada, excluding cannabis production, dropped from nearly $13 billion in 2023 to just over $8.0 billion in 2024.
Cash receipts were down and operating expenses were up.
The total net income number also takes depreciation charges and the value of inventory change into account. Breaking it down by province, Saskatchewan’s total farm income dropped from $5.6 billion in 2023 to $3.6 billion last year.
However, Saskatchewan still had the highest total farm income by a wide margin. Second place went to Alberta at $1.8 billion, followed by Ontario at $1.7 billion and then Manitoba at $921 million. Last among the provinces is British Columbia which had a total farm income loss totalling $346 million.