Despite declines in most provinces, realized net income for Canadian farmers rebounded in 2007 after falling sharply the two previous years. The impact of rising grain and oilseed prices more than offset large increases in operating costs and lower receipts for hog and cattle producers.
Realized net income (the difference between a farmer's cash receipts and operating expenses, minus depreciation, plus income in kind) rose from $771 million in 2006 to $1.7 billion in 2007.
The 2007 level was 2.0 percent above the previous five-year average (2002 to 2006), which included the bovine spongiform encephalopathy (BSE) period and two years of low grain prices.
Provincially, only farmers in Quebec and the Prairie provinces recorded gains. In British Columbia, Ontario and the Atlantic provinces, realized net income dropped to extremely low levels. This diversity was largely due to the wide range of crops and livestock produced across Canada.
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