Realized net farm income has risen for the third year in a row, says Statistics Canada.
Realized net income is the difference between cash receipts and operating expenses, less depreciation, plus income in kind.
The largest increase of 65.7 percent was reported in Quebec, but realized net income also grew in Prince Edward Island, New Brunswick, Ontario, Manitoba and Alberta.
Net farm income, or realized net income adjusted for farmer-owned inventory was $9.5 billion last year, up $1.2 billion from 2015. On-farm stocks of wheat, durum and lentils are high.
Farm cash receipts were just 0.5 percent higher last year at $60 billion. Again, Quebec posted the largest increase at 6.5 percent, while Saskatchewan and British Columbia recorded the largest decreases of -2.5 percent.
By commodity, crop receipts totaled $33.8 billion, up 5.8 percent. Canola accounted for most of the increase at $9.2 billion. Dry peas saw receipt increases of 67.6 percent.
Livestock receipts dropped 17.7 percent for cattle and 3.2 percent for hogs. The supply managed sectors saw increased of 2.4 percent for dairy receipts, 2.9 percent for poultry and 8.3 percent for eggs.
Meanwhile, expenses were down just slightly to $44.2 billion, a drop of 0.9 percent.