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Net farm income
Part A - Plain language definition:
Net income earned by working for oneself (self-employment) as an owner/operator of his/her farm.
Part B - Detailed definition:
Refers to net income (gross receipts from farm sales minus depreciation and cost of operation) received during calendar year 2005 from the operation of a farm, either on the respondent's own account or in partnership. In the case of partnerships, only the respondent's share of income was reported. Included with gross receipts are cash advances received in 2005, dividends from cooperatives, rebates and farm-support payments to farmers from federal, provincial and regional agricultural programs (for example, milk subsidies and marketing board payments) and gross insurance proceeds such as payments from the Net Income Stabilization Account (NISA). The value of income 'in kind', such as agricultural products produced and consumed on the farm, is excluded.
