The average total income of farm families operating a single farm in Canada was $163,098 in 2019, down 1.3% from 2018, according to taxation records.
Average off-farm income increased 1.1% to $105,032 from 2018 to 2019, while average net operating income declined 5.4% to $58,067. Average net operating income decreased due to a 12.2% decline in average net market income.
The increase in average off-farm income reflected growth in most of its major components. Pension income (+5.7%) rose the most from 2018, followed by investment income (+2.1%) and total other income (+1.7%).
Off-farm income accounted for 64.4% of the total income of farm families in 2019, up from 62.9% in 2018. The average total income of farm families decreased 0.3% to $128,354 in the unincorporated sector in 2019 and declined 3.1% to $242,612 in the incorporated sector.
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