Wednesday, 19 December 2012 15:31

Deadline approaches for Canadian Farmers to leverage benefits of the AgriInvest program

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The year-end deadline is quickly approaching for Canadian farmers to take advantage of AgriInvest, a program designed to help farmers – many of whom have weathered a challenging year – improve productivity and overall business investment.

Under this program, farmers can make a deposit into an AgriInvest account and be eligible for a matching government contribution of up to $22,500. The matching government funds, available annually, are based on 1.5 per cent of the farmer’s allowable net sales (ANS). Farmers have until December 31 to file for their 2011 government contribution.
BMO Bank of Montreal reminds farmers that there is still time to take advantage of the opportunity to increase their savings through BMO’s AgriInvest Account, which offers a market-leading interest rate of 1.2 per cent.
“An AgriInvest account with BMO is one of the simplest tools Canadian farmers can use to prepare for the ups and downs that their businesses experience,” said Karl McLaren, Manager, Agriculture, BMO Bank of Montreal. “BMO has the highest interest rate in the market. This allows farmers to build savings more quickly putting them in a better position to weather cyclical pressures on future margins and future cash flows,” added Mclaren.
Each year, farmers who file a tax return can make a deposit into their AgriInvest account based on their allowable net sales (ANS).
Allowable net sales are equal to total sales of eligible commodities minus total purchases of eligible commodities.

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