Towards Increased Profits (TIP) Report
Table of Contents
- What is the Tip Report?
- When are the Reports Mailed Out?
- Why Did Farmers Receive It? / How Does a Farmer Participate?
- Can a Farmer Still Request a Tip Report?
- Who Can They Call if They Have Questions on the Tip Report?
What is the Tip Report?
The AgriStability program application contains much of the information required to do a simplified cash-basis farm management analysis. Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) staff developed a template to incorporate the information submitted on the AgriStability application into a management analysis report - which is called the TIP Report - Towards Increased Profits.
The TIP reports compare the financial performance of the individual farmer to their previous 5-year average and to an industry benchmark based on their farm type and income range. The income and expense data used comes from selected Ontario farm businesses participating in business risk management programs.
The Towards Increased Profit (TIP) Report is an initiative through the Canadian Agricultural Partnership (the Partnership), a five-year commitment by Canada's federal, provincial and territorial governments to encourage innovation, competitiveness and sustainability in Canada's agriculture industry.
When are Reports Mailed Out?
Farm businesses will have access to their TIP report through the secure web portal of the AgriStability Program typically by January of each year.
Why Did Farmers Receive It? / How Does a Farmer Participate?
TIP reports are made available to all participants of the AgriStability program through the secure web portal of the AgriStability program.
Can a Farmer Still Request a Tip Report?
If they cannot access their TIP report through the AgriStability secure web portal or do not participate in the AgriStability program, farmers can request a TIP report by calling the Agricultural Information Contact Centre (AICC) at 1-877-424-1300.
Who Can They Call if They Have Questions on the Tip Report?
Individuals may require further clarification or interpretation after reviewing their TIP report. The first point of contact is the AICC at 1-877-424-1300. AICC staff will be able to provide TIP interpretation support. Technical questions can also be forwarded to John Molenhuis, Business Analysis and Cost of Production Specialist with OMAFRA at 613-920-2162 or email@example.com.
Individuals may wish to have a more complete farm management analysis conducted. A more complete accrual-based farm financial analysis can be done by contacting your financial advisor and by taking advantage of the Partnership funding assistance program in the Economic Development key priority area.
Under the Partnership you may be eligible to receive cost-share to work with a third-party organization or consultant to complete a farm financial analysis to analyze farm financials and become equipped with necessary information and benchmarking data to scale up or address emerging business opportunities.
For more information about the Partnership and to enrol through the Partnership Client Portal to create your profile visit our website at ontario.ca/agpartnership.
For more information:
Toll Free: 1-877-424-1300