AgriInvest
Canada
Matching funding to mitigate on-farm risks
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|closingDateSeptember 30, 2024
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
grant_single|grantors
- Agriculture and Agri-Food Canada (AAFC)
- Government of Canada
- Sustainable Canadian Agricultural Partnership (SCAP)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a matching contribution of up to $10,000 per year to help manage income declines or to make investments to mitigate on-farm risks.
grant_single_labels|projects
AgriInvest provides support for the primary production of agricultural commodities, helping with income decline management and risk mitigation.
- Depositing up to 100% of your Allowable Net Sales to your AgriInvest account
- Receiving a matching government contribution on 1% of your Allowable Net Sales
- Withdrawing funds at any time for risk management and market improvement
grant_single|admissibleProjectsExample
$9,000
Guelph
Development of a drought-resistant crop variety
$9,000
Regina
Diversifying crop production to manage income stability risks
$9,000
Kitchener
Implementing pest control measures to protect crops
$7,500
Saskatoon
Implementing advanced irrigation system to manage crop risks
$10,000
Halifax
Installation of a weather monitoring system to manage storm risks
$9,500
Burnaby
Upgrade greenhouse facilities to mitigate frost risks
grant_single_labels|admissibility
To be eligible for the AgriInvest program, you must earn income from the primary production of agricultural commodities and meet specific criteria.
- Farm in Canada
- File an income tax return reporting farming income (loss) to the Canada Revenue Agency by the final filing deadline for the program year
- File an AgriInvest form reporting sales and purchases of allowable commodities by the final deadline for the program year
grant_eligibility_criteria|who_can_apply
Yes, there are multiple eligible types of companies for the AgriInvest program. Eligible participants include various forms of agricultural enterprises and structures involved in the primary production of agricultural commodities in Canada.
- Individual producers
- Partners in a partnership
- Corporations
- Co-operatives
- Communal organizations
- Landlords in a joint venture
- Estates
- Trusts
- Limited partnerships
- Status Indians and Band Farms farming on a reserve
- Custom feedlot operators
grant_eligibility_criteria|who_cannot_apply
Some types of companies are not eligible for the AgriInvest grant.
- Government funded organizations, including research stations, universities, and colleges
- Landlords earning rental income (cash rent or payments-in-kind) for crop or livestock shares or arrangements
- Former federal public office holders or public servants who are not in compliance with federal conflict of interest guidelines
- Dissolved corporations
grant_eligibility_criteria|eligible_expenses
Eligible expenses for this grant include:
- Managing small income declines
- Making investments to manage risk and improve market income
grant_eligibility_criteria|zone
AgriInvest is delivered by the federal government to Northwest Territories, Yukon, and all provinces except Quebec. In Quebec, it is delivered provincially by La Financière agricole.
- Northwest Territories
- Yukon
- All provinces except Quebec
- Quebec (delivered by La Financière agricole)
grant_single_labels|criteria
There are evaluation and selection criteria for this grant.
- Demonstrated financial need.
- Evidence of sound risk management practices.
- Compliance with program guidelines and regulations.
- Potential for positive impact on market income.
grant_single_labels|register
- Step 1: Ensure Eligibility
- Confirm that you earn income from the primary production of agricultural commodities and meet the program's specific eligibility requirements.
- Confirm compliance with additional provincial or territorial conditions.
- Step 2: Gather Required Documentation
- Prepare income tax returns reporting farming income (loss) for the relevant program year.
- Prepare the AgriInvest form reporting sales and purchases of allowable commodities.
- Step 3: Submit the AgriInvest Form
- Submit the completed AgriInvest form by September 30, 2024, to avoid penalties.
- If applying after the initial deadline, submit by December 31, 2024, with a penalty applied.
grant_single_labels|otherInfo
Here are some additional miscellaneous pieces of information about the AgriInvest grant program:
- Allowable Net Sales (ANS) include allowable commodity sales minus allowable commodity purchases.
- Government contributions are sourced from both federal and provincial/territorial levels.
- Participants can withdraw funds anytime from their AgriInvest account, starting with Fund 2 (government contributions and interest) before moving to Fund 1 (their deposits).
- AgriInvest accounts are interest-bearing, which means the funds grow over time based on the interest accrued.
- Quebec administers the program through La Financière agricole, rather than the federal government, as in other provinces and territories.
Apply to this program
Summary of AgriInvest Program
The AgriInvest program is a business risk management initiative under the Sustainable Canadian Agricultural Partnership designed to help agricultural producers in Canada manage small income declines and invest in risk management measures. Eligible participants can make annual deposits up to 100% of their Allowable Net Sales and receive matching government contributions on 1% of those sales.
Detailed Explanation of the AgriInvest Program
The AgriInvest program is a cornerstone of the Sustainable Canadian Agricultural Partnership (Sustainable CAP), aimed at supporting Canadian agricultural producers in managing financial risks and enhancing market incomes. This detailed explanation dives into the essential components, eligibility criteria, application process, and additional important aspects of the AgriInvest program.
What This Program Offers
The AgriInvest program provides a structured framework for agricultural producers to create a self-managed, producer-government savings account. The program's primary goal is to help producers mitigate small income declines and make strategic investments that can bolster risk management and improve market income over time. The noteworthy features of the program include:
- Annual deposits up to 100% of Allowable Net Sales (ANS) per participant.
- Matching government contributions on 1% of the ANS, enhancing the growth of the AgriInvest account.
- Interest accrual on the deposited amounts, further growing the account balance.
- Flexible withdrawal options, where funds can be accessed at any time in the following order:
- Fund 2 - Government contributions and interest (taxable).
- Fund 1 - Producer’s deposits (non-taxable).
Who Is Eligible
To participate in the AgriInvest program, applicants must meet specific eligibility requirements centered around their involvement in the primary production of agricultural commodities in Canada. The detailed eligibility criteria are as follows:
- The applicant must earn income from the primary production of agricultural commodities.
- The farming operation must be based in Canada.
- An income tax return reporting farming income or losses must be filed with the Canada Revenue Agency by the final filing deadline for the program year, with an exemption for Status Indians farming on a reserve who are not required to file an income tax return.
- The applicant must submit an AgriInvest form detailing the sales and purchases of allowable commodities by the final deadline for the program year.
- Compliance with specific conditions set by the province or territory may also be required to receive government contributions.
Eligible participants include individual producers, partners in partnerships, corporations, cooperatives, communal organizations, landlords in joint ventures, estates, trusts, limited partnerships, Status Indians and Band Farms farming on a reserve, and custom feedlot operators. However, certain entities like government-funded organizations, landlords earning rental income, former federal public office holders or public servants not compliant with conflict-of-interest guidelines, and dissolved corporations are excluded from participation.
How to Apply
The application process for the AgriInvest program is streamlined, ensuring ease of access for eligible participants. Here’s how to apply:
- Confirm eligibility by reviewing the program’s requirements and ensuring compliance with provincial or territorial conditions.
- File the AgriInvest form for the applicable program year by the specified deadlines:
- Initial deadline: September 30, 2024 – Submit your 2023 form without a penalty.
- Final deadline: December 31, 2024 – Submit your 2023 form with a penalty applied, where the maximum matchable deposit is reduced by 5% for each month past the initial deadline up to the final deadline.
After You Apply
Once the form is submitted, the AgriInvest program administrators will review the application to ensure all criteria are met. Successful applicants will be notified, and their AgriInvest account will be established or updated accordingly. Participants can then begin making deposits and receiving matching government contributions.
Participants should maintain accurate records of their agricultural operations, as these will be essential for future reporting and compliance verification. Regular communication with the program administrators may also be necessary to address any discrepancies or updates in the account status.
Managing Your Account
Efficient management of the AgriInvest account involves regular monitoring of account balances, deposits, and withdrawals. Participants should be cognizant of the tax implications associated with withdrawals, specifically the taxable nature of government contributions and interest (Fund 2) versus the non-taxable nature of the producer’s deposits (Fund 1).
Resources and Contact Information
For detailed guidance and program resources, participants can access the AgriInvest Program Guidelines and Handbook. These documents provide comprehensive information on eligibility criteria, application procedures, account management, and other critical aspects of the program.
Contact information for further assistance is available on the AgriInvest program website. Participants can reach out to program representatives through specified contact channels to resolve queries or seek additional support in managing their accounts.
Conclusion
The AgriInvest program offers a robust framework for Canadian agricultural producers to manage financial risks and enhance their market competitiveness through strategic investments. By participating in the program, eligible producers can significantly enhance their financial resilience, ensuring sustainable agricultural operations in the face of income fluctuations and market unpredictability.
Staying informed about program updates, maintaining accurate records, and proactively managing the AgriInvest account are essential practices for maximizing the benefits offered by this vital initiative under the Sustainable Canadian Agricultural Partnership.
