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Agricultural Products and Services PDF

SCU is pleased to announce its participation in AgriInvest, part of the Growing Forward suite of federal-provincial-territorial Business Risk Management programs. Your AgriInvest deposit and matching government contribution will earn interest at a rate of 1.75% (interest rate is subject to change).

What is AgriInvest?
AgriInvest helps producers manage small income declines and provides support for investments to mitigate risks or improve market income. AgriInvest accounts build as producers make annual deposits based on a percentage of their allowable net sales and receive matching government contributions.

Who can participate?
Individuals, co-operatives and corporations are eligible if they have reported farming income (or loss) to the Canada Revenue Agency for tax purposes. Status Indians farming on reserves in Canada are also eligible for AgriInvest.

How are AgriInvest contributions calculated?
Government and producer deposits are based on allowable net sales (ANS). Eligible commodities include most primary agricultural commodities except those covered under supply management (dairy, poultry, and eggs).

Sales of Eligible Commodities – Purchases of Eligible Commodities = Allowable Net Sales

Each year, producers can deposit up to 1.5% of their ANS in their AgriInvest Account and receive matching government contributions. For example, if ANS is $100,000 producers can deposit up to $1,500 and receive a matching government contribution of $1,500.

What’s new for the 2009 program year?
AgriInvest deposits can now be made at a participating financial institution chosen by the producer. Starting in July 2010, producers will receive their 2009 AgriInvest deposit notices with further information. Producers may open only one account with any financial institution.

If you are participating in AgriInvest for the 2009 program year, please note the following:

• Application deadline is September 30, 2010 without penalty, or December 31, 2010 with penalty. If you apply after September 30, your maximum matchable deposit will be decreased by 5% for each month or part of a month the application is received after September 30.

• Your one-time deposit deadline is 90 days from the date on your deposit notice that you will receive from Agriculture and Agri-Food Canada.

How do members make a deposit?
2009 AgriInvest deposit notices will be mailed to producers starting in July 2010, and will include information about opening your account with SCU. Complete and sign the account initiation form and bring it to SCU to open your new AgriInvest account. We will notify Agriculture and Agri-Food Canada that you have opened an account and any existing AgriInvest funds that you may have will be transferred to your new account at SCU.

How can members make a withdrawal?
AgriInvest accounts are self managed. Once funds have been credited to the account both by the producers and AgriInvest, members have the flexibility to withdraw from their account at any time.

If we can provide any additional information, please do not hesitate to contact us, or visit the AgriInvest website at http://www.agr.gc.ca./agriinvest

Agricultural Products and Services PDF