Ontario Agricorp AgriInvest Program
No fixed amount
Savings
Description:
AgriInvest is a savings account with matching government contributions. You can withdraw funds at any time to alleviate risk or make other investments.
Each year, you can deposit up to 100% of your Allowable Net Sales, with the first 1% matched by governments. The limit on matching government contributions is $10,000 per year. ANS are the net sales of most primary agricultural commodities, except those covered by supply management (dairy, poultry and eggs). Production Insurance claims are considered allowable commodities.
Comments on Funding:
June 15, June 30, September 30, December 31
Eligibility:
Applicants must carry on the business of farming in Canada and report farming income (or loss) for tax purposes.
Application Steps:
Applicants must submit:
1. For individuals
a. Submit your T1163 to Canada Revenue Agency. When you submit your T1163 to CRA, Agricorp receives the data for AgriStability, and Agriculture and Agri-Food Canada (AAFC) receives the data for AgriInvest.
2. For Corporations, trusts and special individuals
a. Submit your Statement A to Agricorp. When you submit your Statement A to Agricorp, Agricorp uses the data for AgriStability and sends the data to AAFC for AgriInvest.
Documentation Needed:
Applicants must submit tax information using the correct form:
1. Individuals must submit a T1163 to Canada Revenue Agency
2. Corporations, trusts and special individuals must submit a Statement A to Agricorp
3. Status Indians farming on reserves in Canada who do not file a tax return are also eligible to participate in AgriInvest. In Ontario, they must submit a Statement A to Agricorp.
Other Things to Note:
About the author
Maurice
