Statistics Canada reports that farmers’ net cash income increased by 13 per cent last year to a record $24.8 billion.
The average farm household made $239,000; that includes off-farm income.
An increase in revenues was greater than the increase in costs.
Drought in Western Canada was offset by a 10 per cent increase in livestock revenues to $37.3 billion.
Cattle revenues were up by 10 per cent because prices rose, but hog revenues declined, especially in Quebec.
Operating expenses moderated to an increase of two per cent compared with the surge of 20 per cent in 2022. They were $74.9 billion.
The outlook for this year is a 14 per cent decline in net cash receipts to $21.3 billion.
