Canadian Farm Incomes Hit Record High in 2023 Before Expected Decline

• Canadian farm net cash income to reach record $24.8 billion in 2023, up 13% • Beef and crop receipts expected to increase in 2023 • Farmers invest profits into upgrades and expansions, stimulating rural economies • Headwinds ahead, with falling income and receipts forecast for 2024 • High startup costs a barrier, but farming a challenging and rewarding industry