The AgriInvest Account is a business deposit account, designed specifically for farmers participating in the Canadian federal government’s AgriInvest Program.
It provides farmers with flexible coverage for small income declines, as well as support for investments to mitigate risks or improve market income. With this interest-bearing, no-fee account, farmers deposit money and receive matching government contributions allowing them to save money as a contingency against income reduced due to failing crops, poor economic conditions, and more. Farmers have the flexibility to withdraw funds at any time.
The government will send an AgriInvest Account Initiation Form to all eligible farmers starting in July of 2010. Complete and sign the Account Initiation Form and bring it into Access Credit Union to open your new AgriInvest account. Access Credit Union will then notify Agriculture and Agri Food Canada (AAFC) that you’ve opened an account. For each eligible year, you will receive a Deposit Notice indicating the maximum allowable deposit that can be made by the deadline date in order to take advantage of the government’s "matching" contribution feature.
- there are no service charges on an AgriInvest Savings Account
- withdrawals are permitted at any time
- interest will be calculated on the closing daily balance paid semi-annually
- your first deposit is matched by the government up to the maximum allowable amount
Eligibility for the AgriInvest Program is determined by the government’s AgriInvest Administration Office. For inquiries and questions regarding eligibility call: 1-800-367-8506 or visit www.agr.gc.ca/agriinvest.
Learn more - see the frequently asked questions here.