Farmers will get government money this spring

Farmers with allowable net sales in 2007 will get money from the AgriInvest program as early as April. Canadian farmers will receive government contributions without any requirement to make their own matching deposit for the first year — 2007.

As the program is designed, farmers can deposit up to 1.5 per cent of allowable net sales and the federal government matches that amount. But since the banking system is not yet set up for farmers to create an account and deposit their contribution, the government will still honour its contribution. It will deposit 1.5 per cent of your allowable net sales for 2007 in the account it holds for you.

In March, farmers will receive a notice from the AgriStability program administrators. This notice will tell you the funds available in your AgriInvest account. Once you have the notice, you can sign it and send it back to withdraw the funds, or call the program administration toll free at 1-866-367-8506 to arrange for a withdrawal. Michelle Snyder, a media contact with AgriInvest, says you have to wait until you receive the notice before taking action. “The processing time for a request for withdrawal is approximately 45 days,” she adds. 

AgriInvest admin hopes to have the program running as designed in time for 2008 deposits. For 2008, the deposit deadline is September 30, 2009. Snyder reminds you that when you complete your tax form for 2008, remember to check the box to indicate you want to participate in AgriInvest. This is similar to the process for AgriStability, she adds.