AGRIINVEST ACCOUNT
The AgriInvest account is designed entirely for Agricultural clients who qualify to participate in the AgriInvest program under Growing Forward, a Government of Canada initiative.
It provides flexible coverage to farmers for small income declines, as well as investments support to mitigate risks or improve market income. With this no-fee, interest-bearing account, farmers deposit money and receive matching government contributions that allow them to save money as a back-up against income reduction due to failing crop prices, poor economic conditions, and more.
Note: In order to open this account, you must produce an original, signed, Agriculture and AgriFood Canada (AAFC)-issued, AgriInvest Account Initiation Form.
> AgriInvest Features:
• No service fees
• Daily interest earned on deposits
• Full access to funds at all times
• Internet and Telephone Banking
• Deposit Insurance Coverage (DICO)
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> Interest Rates:
Deposit interest is calculated on the applicable daily closing balance in each tier at the corresponding rate for that tier. Monthly interest is credited to your account as of the first day following the end of the month.
The tiered balance portions on which interest is paid for the AgriInvest Account are:
• $0 to $4,999.99
• $5,000 to $14,999
• $15,000 to $24,999
• $25,000 →
The AgriInvest program was initiated by Agriculture and Agri-Food Canada (AAFC) to help manage farm income declines. The Saugeen Community Credit Union AgriInvest account is an interest-bearing, deposit account that makes it more convenient for farmers to manage their AgriInvest funds.
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> How AgriInvest works.
Once you've met the criteria for the AgriInvest program as managed by AAFC, you will receive an AgriInvest Deposit and Account Initiation Form. To open an AgriInvest account with Saugeen Community Credit Union, you must bring the completed and signed Account Initiation Form to a Saugeen Community Credit Union branch. When your Saugeen Community Credit Union AgriInvest account has been opened, you can make one deposit each program year into the account in accordance with the Deposit Notice. The deposit you make will be matched with a contribution by the federal and provincial governments. Deposit deadlines and amounts are determined by AAFC and participating governments.
The Saugeen Community Credit Union AgriInvest account ensures your money is secure and accessible. Some of the valuable features of the account include:
• no maintenance fee,
• a competitive rate of interest,
• valuable advice from a highly experienced agricultural specialist as in your Saugeen Community Credit Union account manager.
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> It is your choice when to make a withdrawal.
Withdrawals are taken first from the government contribution portions on which you must pay tax. You pay no tax when withdrawing your own contributed funds.
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> Learn More about AgriInvest
Do you meet the criteria for an AgriInvest account?
To find out if you qualify, you must complete an AgriInvest Program Form available at www.agr.gc.ca/agriinvest.
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> How do you make a deposit into an AgriInvest Account?
If you are eligible for the AgriInvest program as managed by AAFC, you will receive an AgriInvest Deposit Notice and Account Initiation Form. To open an AgriInvest account with Saugeen Community Credit Union, you must bring the completed and signed Account Initiation Form, and meet all the other account opening requirements. Once the Saugeen Community Credit Union AgriInvest account is opened, you can make one deposit each program year into the account in accordance with the Deposit Notice.
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> Why should you take advantage of an AgriInvest account?
Each eligible deposit into your AgriInvest account is matched by a government contribution. Plus, your funds are available whenever you need them.
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> What happens when you withdraw funds from your AgriInvest account?
Withdrawals are first taken from government contributions, which you pay tax upon. Once the government contribution is fully withdrawn, your contibuted funds are not taxed when you withdraw them.
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> Are there any account fees associated with AgriInvest?
There are no maintenance or monthly fees for the AgriInvest account. Charges may apply for some services so ask your account manager for details.
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