- Available for ag producers
- Single ownership only
- Interest earned on daily closing balance and paid monthly
- No monthly fee
- No minimum balance
- Cheques not available
- Account is not to be overdrawn
With so many factors affecting the potential profitability of farms, long-term budgeting and financial planning can feel especially difficult.
What if you had a way to protect against minor reductions in income? And, what if all you had to do was open a savings account to get that protection?
AgriInvest Canada accounts give Canadian farmers the opportunity to offset small declines in income with matching contributions. Simply deposit up to 100% of your allowable net sales into your account. That’s all you have to do to get a matching government contribution.
In return, the federal government will provide you with an amount equivalent to 1% of your allowable net sales. That’s funding you can count on to help support your business.
Every business needs a business savings account. It’s the easiest way to keep your company’s funds safe and accessible. Another key benefit: savings accounts earn interest. You can put your money to work, by doing nothing besides making deposits, with a guaranteed interest rate.
What if your business savings account could give you more options to earn? That’s the exact benefit an AgriInvest account provides. Deposit a maximum of 100% of allowable net sales and receive a matching government contribution of up to 1% of that figure in return.
The program is based on a yearly cycle. That means your farm can earn that 1% allowable net sales contribution each year. It’s money in your pocket, just for completing the AgriInvest application and maintaining your account.
The matching contribution is based on your allowable net sales. That figure can be determined with just a few calculations. Add up your gross sales of allowable commodities and purchases of allowable commodities, then subtract purchases from gross sales.
The final step is to find 1% of that net allowable sales figure. You can simply divide the figure by 100%.
The maximum allowable net sales figure matched in the AgriInvest program is $1 million. That would yield a contribution of $10,000 — a sizeable amount that can help offset an income decline.
On the other side of this range, the minimum eligible deposit for matching is $250.
Looking for more details about AgriInvest contributions and limits? Agriculture and Agri-Food Canada offers more guidance on the topic.
After you open an AgriInvest account with us, you won’t have to worry about deposits and paperwork. You can count on us to report the relevant information to the program as well as deposit the matching contribution into your account. It’s as easy as earning regular interest on your savings account deposits!
Support your farming operation with matching contributions from the AgriInvest program. Apply for your AgriInvest account today!