AgriInvest

AgriInvest is one of your best Business Risk Programs.

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.

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.

Each year, you can deposit up to 100% of your Allowable Net Sales to your AgriInvest account and receive a matching government contribution on 1% of your Allowable Net Sales.

To participate in AgriInvest, simply:

  • File an income tax return reporting farming income (loss) to the Canada Revenue Agency by the final filing deadline for the program year.
  • File an AgriInvest form reporting sales and purchases of allowable commodities by the final deadline for the program year.
  • Then come in and see us! You have 90 days from the date your Deposit Notice was issued to make a deposit to your AgriInvest account at your financial institution.

AgriInvest

At Weyburn Credit Union, we manage your AgriInvest without fees or service charges; that means you can access your funds anytime - free of charge. We offer a tiered high-interest savings account; growing your money faster. And we have wealth management specialists offering advice you can count on. Not only are they some of the most professional and well-trained in the industry, but they are your friends and neighbors so they care about you, your dreams, and your community.

Key benefits

  • there are no service charges on an AgriInvest Savings Account
  • withdrawals are permitted at any time
  • interest will be calculated on the closing daily balance paid semi-annually
  • your first deposit is matched by the government up to the maximum allowable amount

Frequently Asked Questions

What is AgriInvest? Expand/Collapse

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.

Who can participate? Expand/Collapse

Individuals, partners in a partnership (except in Quebec), cooperatives, corporations, estates, trusts, limited partnerships (except in Quebec), and landlords in a joint venture are eligible to participate.

To be eligible, producers must have reported farming income (or loss) for tax purposes.

Status Indians farming on reserves in Canada who do not file a tax return are also eligible to participate in AgriInvest.

How can producers apply? Expand/Collapse

Producers do not have to provide additional information in order to participate in AgriInvest. For individual producers, the application is harmonized with the tax form in all provinces except Quebec. In Quebec and for corporations, the application is harmonized with the AgriStability application.

How does AgriInvest work? Expand/Collapse

Each year, producers can deposit up to 1.5 percent of their Allowable Net Sales (ANS) into an AgriInvest account and receive a matching government contribution. For example, a producer with $100,000 in ANS could deposit up to $1,500 and federal and provincial governments would make a matching contribution totaling $1,500.

Producers have the flexibility to withdraw funds at any time.

When do producers make their deposit? Expand/Collapse

Producers have 90 days from the date the Deposit Notice is issued to make a deposit into their AgriInvest account. The deposit deadline date is shown on the Deposit Notice.

Where are AgriInvest accounts held? Expand/Collapse

Beginning with the 2009 program year, AgriInvest deposits will be held by participating financial institutions. The 2009 AgriInvest Deposit Notice will include information on how to open an AgriInvest account at a participating financial institution. Once opened, Agriculture and Agri-Food Canada (AAFC) will transfer any existing AgriInvest funds, currently held by the federal government to the new financial institution AgriInvest account.

How are ANS calculated? Expand/Collapse

ANS are the net sales of commodities allowable under AgriInvest. Allowable commodities include most primary agricultural commodities except those covered under supply management (dairy, poultry and eggs).

Allowable Net Sales = Sales of Allowable Commodities* − Purchases of Allowable Commodities

*Allowable commodities include Production Insurance Payments

Is there a cap on government contributions? Expand/Collapse

For AgriInvest purposes, eligible participants are limited to ANS of $1,500,000 per year. Based on this limit, the largest matching government contribution would be $22,500.

Is there a limit on how much money can be held in the accounts? Expand/Collapse

The account balance, which includes matchable deposits, government contributions, and interest earned, is limited to 25% of a producer’s average ANS for the program year and two preceding program years, excluding any years for which the ANS was not calculated under the program.

Where ANS was not calculated for one or more of those years, the Maximum Account Balance will be 25% of the average ANS for the year(s) available.

How are AgriInvest funds treated for tax purposes? Expand/Collapse

The AgriInvest account consists of two funds. Producer deposits, which are held in Fund 1, are not taxable upon withdrawal. Government contributions and interest earned on both funds, which are held in Fund 2, are taxed as investment income upon withdrawal.

How will government contributions under AgriInvest funds be Expand/Collapse

Because government contributions (fund 2) are treated as investment income for tax purposes, they are not reported on the AgriStability form, and are not included as income in the program year or reference period.

AgriInvest is delivered by the federal government in all provinces except Quebec. In Quebec, AgriInvest is delivered provincially by La Financière agricole.

 

Online BankingExpand/Collapse

Online Banking