Table 5.8
Accrued net income of farm operators from farm production: Reconciliation statement with Agriculture Division net farm income, 2000

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  Millions of dollars
Net farm income1 2,461
- Agricultural corporation profits before taxes2 664
+ Ajustment related to farm inventories3 -251
+ Other adjustments related to farm income4 -303
= Accrued net income of farm operators from farm production5 1,243

1. Net Farm Income, catalogue no. 21-010.

2. This adjustment involves deducting profits of farm businesses before taxes, as those profits are already included in the corporate profits before taxes component of GDP.

3. In the Income and Expenditure Accounts the value of inventory change is calculated on a quarterly basis (based on average quarterly prices) while Agriculture Division determines this value on an annual basis (based on average annual prices).

4. Gross Domestic Product measures income based on current output rather than on cash receipts. Adjustments are made to convert government program payments made to farmers and profits from the Canadian Wheat Board to an accrual basis. Estimates for the Yukon and the Northwest Territories are also included.

5. National Income and Expenditure Accounts, catalogue no. 13-001.

Source: Guide to the Income and Expenditure Accounts, Statistics Canada, catalogue no.13-017-X