When 2010 AgriInvest Deposit Notices appear in mailboxes in the coming weeks, producers are encouraged to take advantage of this easy-to-use program and consider the benefits of building their accounts. AgriInvest is a self-managed producer-government savings account that allows producers to set money aside which can be used to recover from small income shortfalls or to make investments to reduce on-farm risks.
The 2010 AgriInvest Deposits Notices will let producers know the amount they can deposit into their accounts to receive matching government contributions. Deposits are based on a percentage of a producer’s Allowable Net Sales and qualify for matching contributions from federal, provincial and territorial governments.
Account balances for AgriInvest currently total $982 million, which includes producer deposits and government contributions.
AgriInvest accounts are held at participating financial Institutions. Producers can simply bring their Deposit Notice to their financial institution to make their 2010 deposit, and contribute any amount up to the maximum deposit limit shown on the notice. Current account balances also appear on the notices.
Producers have 90 days from the issue date on the Deposit Notice to make a deposit at their financial institution. Producers have the flexibility to withdraw funds at any time throughout the year.
AgriInvest is cost shared on a 60/40 basis between the federal, provincial and territorial governments. The program is delivered by AAFC in all provinces except Quebec where it is delivered by La Financière agricole.
For more information on AgriInvest, producers can visit the program website at www.agr.gc.ca/agriinvest or call AAFC toll free at 1-866-367-8506.
