British Columbia Order in Council — Order under Farm Income Insurance The Minister of Agriculture, Food and Fisheries to sign the Federal Provincial Agreement amending the Net Income Stabilization Account Program Agreement - Amendment No (O.C. 797/2000)

O.C. 797/2000

British Columbia — Orders in Council

residing Member t e PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL Order in CoimarNo. 797 , Approved and Ordered J U N - 8 200 Lieutenant Governor Executive Council Chambers, Victoria On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that approval is given to the Minister of Agriculture, Food and Fisheries, on behalf of the Province, to sign the Federal Provincial Agreement Amending the Net Income Stabilization Account Program Agreement - Amendment No. 9, substantially in the form attached. Ministe Agriculture, Food and Fisheries and Minister Responsible for Rural Development (This

part is for administrative purposes only and is not pan of the Order.) Authority under which Order is made: Act and section: Farm Income Insurance Act, (R.S.B.C. 1996, c. 130, s. 5) rithor lenrwiful•

AMENDMENT NO. 9 Deposit/Withdrawal Options, Income Thresholds, Expanding Operations FEDERAL PROVINCIAL AGREEMENT AMENDING THE NET INCOME STABILIZATION ACCOUNT PROGRAM AGREEMENT THIS AGREEMENT BETWEEN THE GOVERNMENT OF: Canada, (hereinafter referred to as "Canada") as represented by the Minister of Agriculture and Agri-Food for Canada, AND THE GOVERNMENT OF THE: PROVINCE of Newfoundland, as represented by the Minister of Forest Resources and Agrifoods and the Minister of Intergovernmental Affairs, PROVINCE of Prince Edward Island, as represented by the Minister of Agriculture and Forestry, PROVINCE of Nova Scotia, as represented by the Minister of Agriculture and Marketing, PROVINCE of New Brunswick, as represented by the Minister of Agriculture and Rural Development, PROVINCE of Quebec, as represented by the Minister of Agriculture, Fisheries and Food for Quebec and Minister responsible for Canadian Intergovernmental Affairs, PROVINCE of Ontario, as represented by the Minister of Agriculture, Food and Rural Affairs, PROVINCE of Manitoba, as represented by the Minister of Agriculture, PROVINCE of Saskatchewan, as represented by the Minister of Agriculture and Food, PROVINCE of British Columbia, as represented by the Minister of Agriculture, Fisheries and Food, Hereinafter referred to as "the Provinces".

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WHEREAS the above-named signatories desire to provide greathr flexibility for participants to access their accounts; AND

WHEREAS the above-named signatories desire to further amend the FederaVProvincial Agreement Establishing the Net Income Stabilization Account Program to this effect; THEREFORE, the parties agree as follows: 1.0 The first paragraph of

Section 1.11 of

Schedule A of the Agreement be deleted and replaced by the following section: 1.11 A participant who has opted out may rejoin the program after not participating for two (2) consecutive years by submitting a NISA application. If opt out or estate payments were in progress, such payments shall cease. 2.0

Section 2.10 of

Schedule A of the Agreement be deleted and replaced by the following section: 2.10 Participants who file an application in respect of a stabilization year may make matchable and non-matchable deposits to their accounts and may also request withdrawals from their accounts in respect of the same stabilization year. Deposits and withdrawals will continue to be limited to the amounts provided for in

Section 4.1 and

Section 2.15 of

Schedule A. 3.0 The Agreement be amended by adding, immediately following

Section 2.16 of

Schedule A, the following section: 2.16.1 The Minister, in consultation with the Committee, may establish a means for adjusting the current year's gross margin or the average gross margin for the purpose of better reflecting the financial circumstances of participants who have expanded their operations. 4.0

Section 2.17 of

Schedule A of the Agreement be deleted and replaced by the following section: 2.17 The minimum income trigger provides a need-basis access to the account. Withdrawals shall be allowed when the participant's income is below an income threshold plus the participant's current year maximum matchable deposit, up to the difference between the participant's income and the threshold.

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Section 2.17.1 of

Schedule A of the Agreement be deleted and replaced by the following section: 2.17.1 The income threshold for individual participants is $10,000. The Minister may adjust this income threshold from time to time after consultation with the Committee. 6.0

Section 2.17.3 of

Schedule A of the Agreement be deleted and replaced by the following section: 2.17.3 The income threshold is increased to $20,000 if the participant is an individual who: • does not participate in NISA other than by way of his/her individual account; and • has a spouse or dependants who are not NISA participants either individually or through an entity. The Minister may adjust this income threshold from time to time after consultation with the Committee. Notwithstanding

Section 2.17, an individual using the increased income threshold may make a withdrawal up to the amount by which the total family income is less than the increased income threshold. Family income includes the participant's income as defined in

Section 2.17.2 plus the net income of the participant's non-participating spouse. 7.0

Section 2.17,5 of

Schedule A of the Agreement be deleted and replaced by the following section: 2.17.5 Each individual qualified to participate through an entity must allocate the income threshold set out or established under

Section 2.17.1 among the participant's individual account and any entities through which the individual participates. The maximum that may be allocated to a cooperative by its members is limited to ten (10) times the income threshold defined under

Section 2.17.1. 8.0 This amending Agreement shall be effective at the commencement of the 1998 stabilization year.

- 4 - This amending agreement will be signed in counterpart by Canada and by each Province. This amending agreement is duly executed by the authorized representatives of the Parties. WITNESS DATE SIGNATURE Minister of Agriculture and Agri-Food for Canada

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 797/2000
Type	order_in_council
Volume / chapter	arc oic 0797 2000
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	587cabc9b3f0c6c6083bd2e3bd89c8cf3474951e

Source file is stored in the law ingest library (pdf).