Farmers able to check their mailboxes this week can expect to find their 2008 AgriInvest deposit notices, laying out how much farmers need to deposit in AgriInvest accounts to get matching government funds.
The deposit notices provide producers with their matchable deposit amount and current account balance, Agriculture and Agri-Food Canada said in a release Monday.
Producers have 90 days from the issue date on the deposit notice to make a deposit, and have the flexibility to withdraw funds at any time throughout the year, AAFC said.
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For the 2008 program year, AAFC is holding AgriInvest accounts; therefore, all deposits and withdrawal requests must be made to AAFC. The exception is in Quebec, where the provincial farm financing agency, La Financiere agricole, delivers the program.
“Officials continue to work with financial institutions toward having them hold AgriInvest accounts in the future,” AAFC said Monday.
AgriInvest is meant to provide farmers with “flexible coverage” to manage through small income declines, as well as support for investments to mitigate risks or improve market income.
With an AgriInvest account, producers make a deposit based on a percentage of their allowable net sales (ANS) and get matching contributions from federal and provincial governments through the business risk management suite of the Growing Forward ag policy framework.
