AgriInvest

PROGRAM DESCRIPTION

 

AgriInvest helps producers manage small income declines.  Each year, producers can make a deposit into an AgriInvest account, and receive a matching contribution from federal and provincial governments.

 

Producers have the flexibility to withdraw the funds at any time to cover small margin declines or for risk mitigation and other investments.

 

AgriInvest is part of the Growing Forward suite of federal-provincial-territorial Business Risk Management programs. Growing Forward is a commitment to Canada’s agriculture sector that’s focused on achieving results, reflects input from across the sector, and delivers programs that are simple, more effective and tailored to local needs.

 

Transfer of AgriInvest Accounts to Tignish Credit Union

 

For the 2009 program year, AgriInvest deposits will be made at participating financial institutions including Tignish Credit Union. Your 2009 AgriInvest Deposit Notice will include information on how to open your AgriInvest account.

 

Moving AgriInvest accounts closer to where you live and work gives you the flexibility to keep track of your funds more easily and to earn a competitive rate of interest on your deposits.

 

The mailing of 2009 AgriInvest Deposit Notices to producers will start in July 2010 and will include an Account Initiation Form. Complete and sign the Account Initiation Form and present it to Tignish Credit Union to open your new AgriInvest account. Tignish Credit Union will notify Agriculture and Agri-Food Canada (AAFC) that you’ve opened an account, and any existing AgriInvest funds will be transferred to your new account.

 

 

FREQUENTLY ASKED QUESTIONS

 

What is AgriInvest?

AgriInvest helps you manage small income declines, and provides support for investments to mitigate risks or improve market income. Your AgriInvest account builds as you make annual deposits based on a percentage of your Allowable Net Sales and receive matching government contributions. You have the flexibility to withdraw funds at any time.

 

Why should I participate in AgriInvest?

AgriInvest is simple, responsive, predictable and bankable. You can easily predict the government contribution to your account each year, have the flexibility to use the money to cover small income declines or to make investments to mitigate risks or improve market income.

 

Who can participate?

Individuals, co-operatives and corporations are eligible if they have reported farming income (or loss) to the Canada Revenue Agency for tax purposes. Status Indians farming on reserves in Canada are eligible for AgriInvest.

 

How are AgriInvest contributions calculated?

Government and producer deposits are based on Allowable Net Sales (ANS). Eligible commodities include most primary agricultural commodities except those covered under supply management (dairy, poultry, and eggs).

 

Sales of Eligible Commodities – Purchases of Eligible Commodities = Allowable Net Sales

 

Each year, you can deposit up to 1.5% of your ANS in your AgriInvest Account and receive matching government contributions. For example, if your ANS is $100,000, you can deposit up to $1,500 and receive a matching government contribution of $1,500.

 

How do I make a deposit?

You will receive a Deposit Notice outlining your deposit amount for the year. You can deposit any amount up to your Maximum Matchable Deposit by the deadline indicated on your notice. After you make your deposit, the Administration will credit your account with matching government contributions.

 

How can I make a withdrawal?

Your account is self managed. You have the flexibility to withdraw from your account at any time through Tignish Credit Union.

 

To learn more about AgriInvest, visit the program website at www.agr.gc.ca/agriinvest or call AAFC toll free at 1-866-367-8506.

 

 

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