Please be reminded that changes to the AgriInvest program come into effect beginning with the 2018 program year. These changes are part of the new Canadian Agricultural Partnership that comes into effect April 1, 2018. In early November 2017, CCUA hosted a webinar for credit unions outlining the partnership and the Business Risk Management changes, Agriculture and Agri-Food Canada: AgriInvest and Business Risk Management Updates. This webinar was recorded and can be viewed for your reference. Go to www.ccua.com and sign in under the Members Corner and then click this link.
For your reference, below is an outline of the AgriInvest program changes:
AgriInvest and AgriStability
- While AgriInvest continues to be an important part of the Business Risk Management program suite, changes to the program were necessary to reallocate funding to ensure a more equitable level of support for all producers in the AgriStability program.
- Beginning in the 2018 program year, the maximum Allowable Net Sales (ANS) eligible under AgriInvest will be reduced to $1 million, down from $1.5 million.
- The annual government matching contributions will be limited to $10,000 per AgriInvest account, down from $15,000.
- Currently there is approximately $2.2 billion in AgriInvest account balances, which provides producers with flexibility and quick access to funds to help manage their risks.
- Under AgriInvest the minimum payment will be adjusted from $75 to $250.
- A $250 minimum payment will also apply under AgriStability.
For more information regarding the partnership and programs please refer producers to the Agriculture and Agri-Food Canada website link.