AgriInvest account deadline looms

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Published: June 12, 2008

Producers wishing to participate in AgriInvest Kickstart need to return letters to the federal government by June 30 or risk losing funding.  

The federal government announced $600 million for AgriInvest Kickstart, a one-time initiative for new producer accounts under AgriInvest.

Producers received letters explaining the benefits available to them.

To receive funds, farmers need to return the tear-off section indicating if they want to withdraw the funds or leave them in a government held account.

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To be eligible, farmers must have farmed in 2007 and had to commit to participating in AgriInvest.

The initial Kickstart benefit is calculated based on 2.63 percent of average allowable net sales (ANS) from previous years to a limit of $3 million.

The largest initial government contribution would be $78,900.

ANS is sales of eligible commodities and production insurance payments minus purchases of eligible commodities in a year. Eligible commodities include most primary agricultural commodities.

Farmers who produce a mix of supply managed and other commodities are eligible to participate, with government contributions to their account based on sales of non-supply managed commodities.

More than 100,000 producers have already responded to receive kickstart funds.

For more information, call 866-367-8506 or visit   agr.gc.ca/agriinvest‘)”>www.agr.gc.ca/agriinvest’)”>agr.gc.ca/agriinvest.

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Karen Morrison

Saskatoon newsroom

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