Opening your Horizon Credit Union AgriInvest Account
AgriInvest helps producers manage small income declines. Each year, producers can make a deposit into an AgriInvest account and receive a matching contribution from federal and provincial governments. Producers have the flexibility to withdraw the funds at any time to cover small margin declines or for risk mitigation and other investments. AgriInvest is part of the Growing Forward suite of federal-provincial-territorial Business Risk Management programs. Growing Forward is a commitment to Canada’s agriculture sector that’s focused on achieving results, reflects input from across the sector, and delivers programs that are simple, more effective and tailored to local needs. Beginning with the 2009 program year, you may now make deposits into an AgriInvest account at Horizon Credit Union. AgriInvest Deposit Notices for the 2009 program year will be mailed to producers starting in July 2010. The notices will include information on setting up a new AgriInvest account and an Account Initiation Form. To open a new AgriInvest account at Horizon Credit Union, complete the form and return it to your branch. When you open your new AgriInvest account, your Horizon Credit Union will notify Agriculture and Agri-Food Canada (AAFC) that you’ve opened an account, and any existing AgriInvest funds will be transferred to your new account. Moving your accounts closer to where you live and work gives you the flexibility to keep track of your funds easily and to earn a competitive rate of interest on your deposits.
What is AgriInvest?
AgriInvest helps you manage small income declines, and provides support for investments to mitigate risks or improve market income. Your AgriInvest account builds as you make annual deposits based on a percentage of your Allowable Net Sales and receive matching government contributions.
Why should I participate in AgriInvest?
AgriInvest is simple, responsive, predictable and bankable. You can easily predict the government contribution to your account each year and have the flexibility to withdraw funds at any time.
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 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, you can deposit up to 1.5% of your ANS in your AgriInvest Account and receive matching government contributions. For example, if your ANS is $100,000, you can deposit up to $1,500 and receive a matching government contribution of $1,500.
How do I make a deposit?
You will receive a Deposit Notice outlining your deposit amount for the year. You can deposit any amount up to your Maximum Matchable Deposit by the deadline indicated on your notice. After you make your deposit, AAFC will credit your account with matching government contributions.
How can I make a withdrawal?
Your account is self managed. You have the flexibility to withdraw from your account at any time through Horizon Credit Union.
To learn more about AgriInvest, visit the program website at www.agr.gc.ca/agriinvest, call AAFC toll free at
1-866-367-8506, or inquire at any Horizon Credit Union Branch at Melville, Grayson, Grenfell, Neudorf or Wolseley.
Click here for the AgriInvest brochure