AgriInvest

By mmuise
Description:

AgriInvest is a self-managed producer-government savings account designed to help farmers manage small income declines and make investments to manage risk and improve market income. Farmers receive a matching contribution of up to $10,000 per year to help manage income declines or to make investments to mitigate on-farm risks. Their AgriInvest account grows as they make deposits, receive matching government contributions and earn interest.


Comments on Funding:

Funding is equal to 1% of the Participant’s Allowable Net Sales, up to a maximum of $10,000 (being 1.0 percent of $1 million in Allowable Net Sales).

Deadline: Currently accepting applications
Eligibility:

Applicants must:

  • earn income from the primary production of agricultural commodities,
  • farm in Canada.
  • 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.
    Participants include:
  • individual producers;
  • partners in a partnership;
  • corporations;
  • co-operatives;
  • communal organizations;
  • landlords in a joint venture;
  • estates;
  • trusts;
  • limited partnerships;
  • Status Indians and Band Farms farming on a reserve;
    1
  • custom feedlot operators.
Application Steps:

1. Individual applicants must:

a) complete their AgriInvest form and send it to:

i) EFILE: Canada Revenue Agency;

ii) Paper copy: Canada Revenue Agency Tax Centre, PO Box 14001 Station Main, Winnipeg MB R3C 3M3;

b) contact La Financière agricole at 1-800-749-3646 or online for more information on how to apply, if they farm in Quebec.

2. Corporation, Co-operative or Special Individual applicants must:

a) send the form to Canada Revenue Agency and a paper copy to AgriInvest Administration PO Box 3200 Winnipeg MB R3C 5R7;

b) contact their local administration for a form, if they farm in Alberta, Saskatchewan, Ontario, or Prince Edward Island;

c) contact La Financière agricole at 1-800-749-3646 or online for more information on how to apply, if they farm in Quebec.

Documentation Needed:

Applicants must:
1. request a PIN by completing an AgriInvest New Participant Identification Number Request Form, if a new applicant who wants to EFILE with the Canada Revenue Agency (CRA). The PIN is the applicant's unique identifier for AgriInvest
2. complete their AgriInvest form and file it by the deadline.

Other Things to Note:

1. AgriInvest is one of the Business Risk Management programs under the Sustainable Canadian Agricultural Partnership (SCAP).

About the author
mmuise