The federal government is taking aim at Farm Credit Canada (FCC), saying the Crown-owned lender’s portfolio is dominated by “older white men” and needs to better reflect the country’s diversity.In a budget notice, the Department of Finance said cabinet will amend the Farm Credit Canada Act to require regular legislative reviews ensuring the bank’s loans align with the “changing needs” of the agriculture sector. The review will specifically examine lending to black, LGBTQ, women, and indigenous farmers.“Farm operators are predominantly older white men and farm families tend to have higher average incomes compared to all Canadians,” said the finance department. “Traditionally underrepresented groups such as women, youth, indigenous, LGBTQ and black and racialized entrepreneurs may particularly benefit from regular legislative reviews to better enable Farm Credit Canada to align its activities with their specific needs.”.The department did not release details of the proposed amendments or explain who requested the review.According to a 2023 Statistics Canada report titled Socioeconomic Snapshot of Canada’s Evolving Farm Population, Canada has about 590,710 farmers and family members. The typical farmer is male, over 55, Christian — usually Catholic or United Church — and earns a median household income of $95,142.Only 6.9% of farmers are immigrants and 3.7% are from racialized groups, mainly South Asian or Chinese. Another 2.8%, or 16,705 farmers, identify as indigenous—mostly Métis..A separate 2021 Statistics Canada study found about 4% of Canadians identify as gay or lesbian but did not indicate how many work in farming.The Commons agriculture committee previously acknowledged in a 2019 report that some groups face limited access to land, capital, and infrastructure. It noted 18.4% of farm operators lacked formal education credentials, a figure rising to 20.1% among First Nations producers.
