Methods of payment
For payment of maple syrup delivered in bulk, the FPAQ uses two broad categories of maple syrup: typical maple syrup and industrial maple syrup.
Typical maple syrup
Typical maple syrup may be paid for using two methods of payment.
- The first method of payment involves an advance upon delivery of the maple syrup, which is gradually reimbursed as regular payments are made to maple syrup producers during the year. Maple syrup producers choosing this method of payment can also opt for an advance program upon tapping.
- The second method involves regular payments to maple syrup producers based on sales during the year.
Industrial maple syrup
Industrial maple syrup is paid for on March 15 of the year after the harvest based pro rata on sales from the past year.
Level of payment for accounting and tax purposes
Keeping track of levels of payment for current and previous years is essential to the accounting of maple syrup businesses, particularly for filing tax declarations.