Realized net farm income for Canadian farmers down in 2024 says StatCan

Dec 2, 2025 | 6:00 AM

Statistics Canada says Canadian farms had a realized net income of $9.4 billion in 2024.

A report compiled by the agency says that was $3.3 billion less than in 2023 and the largest percentage drop since 2018.

Stats Can says the drop came about because of higher operating expenses and lower cash receipts.

Lower prices meant crop receipts dropped 6.1 per cent to $52.2 billion; the largest drop since 2003.

Livestock receipts went up 7.2 per cent to $40 billion for all sectors combined.

For cattle and calves, receipts were up 12.2 per cent to $16.9 billion. StatCan says there were “historically high prices” in 2024, with average prices 50 per cent higher than the five and 10-year averages.

Total expenses rose 2.7 per cent to $78.5 billion.

In Alberta, total cash receipts were $2.308 billion; down from $2.331 billion in 2023. Total net income dropped from $3.054 billion in 2023 to $2.075 billion in 2024.

Conservative Party of Canada Shadow Minister of Agriculture and Agri-Food John Barlow said in a statement that “after more than 10 years of this Liberal government, farming is becoming economically unviable.”

The statement says this is not just a story about the economy, but also one about food security.

Barlow’s full statement can be read here.

by Curtis Galbraith