AgriInvest is a savings account with matching government contributions. You can withdraw the funds at any time for risk mitigation or investments.
AgriStability and AgriInvest are based on your tax information. When you submit your tax information on the correct tax form, it will be used by Agricorp for AgriStability and by Agriculture and Agri-Food Canada for AgriInvest.
Even though AgriStability and AgriInvest are separate programs (and are delivered by different organizations), you need only to submit your tax form once. It is automatically used for both programs. In Ontario, AgriInvest is delivered by Agriculture and Agri-Food Canada.
The AgriStability program works together with
Production Insurance to help you manage business risk. That's why your Production Insurance claims and premiums are included in your AgriStability margins.
Your Production Insurance premiums and claims are allowable income and expenses under AgriStability. Your Production Insurance premiums are counted as an expense in your production margin, and any Production Insurance claim payments are counted as income in your production margin.
As a result, if you generate a Production Insurance claim due to crop losses and yield reduction caused by insured perils, though you do not experience a large enough decline to generate an AgriStability payment, your reference margin will remain stable in future years.
Risk Management Program (RMP)
Risk Management Program (RMP) and AgriStability work together to create an effective risk management program for Ontario livestock producers.
Each program addresses different risks:
- RMP helps producers offset losses caused by low livestock prices
- AgriStability protects you from large declines in your farming income caused by production loss, increased costs or market conditions.
By participating in both programs, you take full advantage of the protection available from government risk management programs. You could receive an AgriStability benefit and an RMP payment in a given year.
Advance Payments Program
The Advance Payments Program, delivered by the Agricultural Credit Corporation (ACC), is a federal program that provides low-interest cash advances to farmers.
Advances up to $1 million are available, with the first $100,000 being interest free and the remainder (up to $900,000) at the prime interest rate. The loan can be paid off as the current crop is sold or within 18 months after the program start date of November or April (depending on the commodity).
Crop farmers must participate in AgriStability or Production Insurance or have the inventory on hand to qualify for the program. Livestock farmers must participate in AgriStability to qualify for the program.
For more information about the Advance Payment Program, visit the ACC website or call 1-888-278-8807 to apply.