Young Farmer Rebate Rates
The rate for a Young Farmer Rebate is determined by MASC’s five-year fixed interest rate at the time of loan commencement, as shown in the table below:
Five-Year Rate |
Young Farmer Rebate Rate |
|---|---|
≤ 4% |
1.00% |
> 4% to 5% |
1.25% |
> 5% to 6% |
1.50% |
> 6% to 7% |
1.75% |
> 7% |
2.00% |
Example:
First Loan
If you obtain a loan of $200,000 and the five-year fixed interest rate is 6.15%, your Young Farmer Rebate rate will be 1.75% and you will receive a rebate of $3,500 per year for the loan’s first five years (total rebate amount for the loan: $17,500).
Second Loan
If you obtain a second loan of $200,000 (using the same five-year fixed interest rate of 6.15%), you will receive the remainder of your lifetime maximum rebate ($3,500 per year for the loan’s first five years, or $17,500 total).
Young Farmer Rebate Maximum
You have borrowed a total of $400,000 and have reached the total loan principal for which the rebate can be applied.
The cumulative total rebate received on your first $400,000 borrowed is $35,000.
Eligible Applicants
To qualify for the Young Farmer Rebate, you must be 18-39 years of age, a Manitoba resident, and personally operate the farm to which the loan applies.
Partnerships, corporations, and cooperatives are eligible for the Young Farmer Rebate, if at least one partner or shareholder is deemed eligible if they were to apply as an individual. The maximum rebate to a partnership, corporation, or cooperative is the same as for an individual borrower.
Eligible Loans
The Young Farmer Rebate applies on MASC loans to qualified individuals, joint farm units, corporations, cooperatives and partnerships with amortization terms of five years or more.
The Young Farmer Rebate is not available on Environmental Enhancement Loans, Alternate Energy Loans, or Comprehensive Refinancing Loans.
Beginning the Process
Contact your local MASC Service Centre to set up an appointment to meet with one of our dedicated specialists, to begin the next steps of the process.
