As an agricultural producer, you're able to make an annual contribution for up to 100% of your allowable net sales to your AgriInvest account. When you do so, you’ll receive 1% of the deposit amount from the Government of Canada. Then, when you are short on cash, simply withdraw these funds at any time without penalty.
What you need to know
- Each year, Agricultural producers receive their AgriInvest deposit notices which specify the eligible amount producers are able to deposit to their AgriInvest account to receive matching government contributions.
- You'll need to open your AgriInvest account with Island Savings by the date specified on your AgriInvest Deposit Notice, in order to receive your fully matched government contribution.
- Any late application submissions will be penalized by a 5 per cent reduction in government contribution per month (or part of the month) up to the final submission deadline specified on your AgriInvest deposit notice.
Account opening process
- Complete the account application form available on the Agriculture and Agri-Food Canada site and bring it to your Island Savings branch.
- We'll notify Agriculture and Agri-Food Canada (AAFC) once you've opened your account so that AAFC will have the necessary information for contribution matching.
For more information about AgriInvest, visit the program website at www.agr.gc.ca or contact Agriculture & Agri-Food Canada toll free at 1.866.367.8506.