Savings

AgriInvest Plan 24

AgriInvest is an account for producers that replaced the coverage under the CAIS Program for margin loss of 15% or less. Participant deposits and matching Government contributions to AgriInvest accounts provide producers flexible coverage for small income declines as well as support for investments to mitigate risks or improve market income.

Features
  • Withdrawals can be made at any time
  • Withdrawals from the producer contribution occur after the government and interest amount has been depleted
  • Producer deposits are not taxable when withdrawn
  • Government Contributions and Interest are considered investment income for tax purposes when withdrawn. AAFC will issue a tax slip
  • Deposits made at the Credit Union will receive matching government contributions up to the maximum amount outlined on the AgriInvest Deposit Notice
  • Only one deposit is allowed per AgriInvest Deposit Notice
  • Producers must present the Account Initiation Form to the credit union
  • Once a deposit is received and processed by the Credit Union the participant will receive a Deposit Confirmation Notice from the government
  • You must farm as an Individual, Corporation, Cooperative, Status Indian or Trust
  • You must carry on the business of farming in Canada for the program year
  • You must report farming income/loss to CRA for tax purposes for the program year
  • Submit AgriInvest program forms to AAFC by the application deadline of Sep 30th for no penalty and by December 31st with a penalty
  • Deposits are fully guaranteed by the Deposit Guarantee Corporation of Manitoba
Interest

AgriInvest Plan 24 interest is accrued daily and paid monthly

 

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