Canadian farm income increased by 53 percent in 2011 from 2010 according to Statistics Canada. Realized net income, meaning farm income after operating expenses and depreciation, amounted to $5.7 billion last year, with farmers making gains despite a large increase in costs.

The 2011 gains follow a 19 percent increase in income in 2010 and a 19.6 percent decline in 2009 following the global financial crisis.

Agriculture and agrifoods is an important sector of the Canadian economy, accounting for 8 percent of its GDP, over $40 billion in export revenue, and nearly one in eight jobs in the country.

Canada is one of the largest agricultural producers in the world. Its prairie provinces: Alberta, Saskatchewan and Manitoba, produce a bulk of the agricultural products in the country. Nearly 60 percent of Canadian grain is grown in Saskatchewan, while nearly 50 percent of Canadian beef is produced in Alberta.

The prairie provinces have outperformed the rest of Canada in economic growth over the last several year and have among the best labour markets in North America.