More topics

Towards Increased Profits (TIP) report

Publication date: July 14, 2017

Table of contents

  1. What is the TIP report?
  2. Contact information
  3. Example of a TIP report (fictitious sample only) (PDF, 1.1 MB)
  4. TIP Request/Consent Form (PDF, 176 KB)
  5. General information
  6. BC TIP report explanation - detail, (PDF, 206 KB)
  7. TIP Benchmarks (BMs) for Crops
  8. TIP Benchmarks (BMs) Livestock
  9. TIP Benchmark (BM) Explanation (PDF, 159 KB)

 

Expand All | Collapse All
 

What is the TIP report?

The TIP report is a simplified cash-basis farm financial analysis, which provides you with a cost of production (COP) report to compare your own farm’s current year (income and expenses) to your previous 5-year average and to benchmarks with other farms of similar type and income range.   

The TIP report is intended to enable your farm to identify areas of strength and weakness to improve your competitiveness, productivity and ultimately your net income. Your TIP Report is based on information you provided to the AgriStability (AS) and/or AgriInvest (AI) Programs through the Canada Revenue Agency (CRA).

The ministry is pleased to provide you with your Towards Increased Profits (TIP) Report which is funded in part by the Sustainable Canadian Agricultural Partnership (Sustainable CAP), a federal-provincial-territorial initiative.

The Towards Increased Profits (TIP) Report is adapted with permission from the Ontario Ministry of Agriculture, Food and Rural Affairs’ (OMAFRA).

 

Contact information

For general questions about the TIP report, please direct your email to AgriServiceBC@gov.bc.ca or phone:  1-888-221-7141. 

Technical questions can be forwarded to Gary Flaten, Farm Business Specialist with the ministry at 236-766-7068 or gary.flaten@gov.bc.ca.   

We welcome any feedback or suggestions for improvements.

Note:  Individuals may wish to have a more complete farm management analysis conducted by contacting their financial advisor or accountant.

 

General information

  1. Cost: There is no cost to you (the producer) to receive a TIP report.  It is an additional service the Ministry is offering.  
  2. Eligibility: Any producer who is enrolled in AgriStability/AgriInvest is eligible to receive a report.  Note:  the producer must consent / request the report.
  3. Mailing frequency: TIP reports are to be sent out yearly some time in the fall/ winter. Note:  By mail only.  Currently, we are not offering the reports to be sent out by email or fax.
  4. Opting out: Once a TIP report has been consented / requested, the producer will receive the report on a yearly basis.  If the producer does not want to receive the TIP report, they have the option to opt out.       

 TIP benchmarks (BMs)

The benchmarks are divided: 

  1. First by broad category type: either Crops or Livestock
  2. Then second by AgriStability Program Years.  For example: 2020, 2021, etc 

Within each program year (PY) there will be a commodity specific spreadsheet with a file name indicating the commodity type. For example: under crops: Apple or under livestock: CattleCowCalf

Each commodity (or crop type) spreadsheet will have tabs at the bottom signifying what Income Range (IR) represents. Usually there are 5 income ranges (unless they must be grouped together to obtain large enough sample size to address privacy concerns). 

For example:

  1. an income range from $0 to 50k in sales will be in the tab labelled: $0to50k_IR
  2. an income range from $50 to 100k in sales will be in the tab labelled: $50to100k_IR, etc

Crops

 

2021

 

2020

 Livestock

 

2021

 

2020

Logos

Additional information to help develop an enterprise budget:

Contact information

Phone:
1-888-221-7141

Email:
AgriServiceBC@gov.bc.ca