Step 4. After you apply
1. Agriculture and Agri-Food Canada will send you a Deposit Notice
Agriculture and Agri-Food Canada (AAFC) will process your form and send you a deposit notice showing:
- how much you can deposit into Fund 1 of your account
- the deadline to make your deposit
To learn how AAFC will calculate your deposit, visit How is your deposit calculated?
2. Open your AgriInvest account
If you are a new participant:
- AAFC will send you an Account Initiation Form with your Deposit Notice
- open your new AgriInvest Account, sign the account initiation form and take it to a participating financial institution
The interest rate paid by the financial institution on funds held in an AgriInvest account is determined by the institution and must be similar to or better than rates offered on standard savings accounts. For this reason, interest rates on AgriInvest accounts may vary between financial institutions and you may choose to seek out the best rate available. For information on your AgriInvest account options and the interest rate paid on the account, contact any of the participating financial institutions listed in the "List of participating financial institutions".
List of participating financial institutions
- Alberta Credit Unions
- L'Alliance des Caisses populaires de l'Ontario limitée
- ATB Financial
- Atlantic Canada Credit Unions
- New Brunswick
- Nova Scotia
- Prince Edward Island
- Newfoundland and Labrador
- BMO Bank of Montreal
- British Columbia Credit Unions
- Caisses Desjardins du Québec
- Caisse Financial Group of Manitoba
- Caisse Alliance
- Caisses populaires acadiennes limitée/UNI Coopération Financière
- Canadian Western Bank
- Manitoba Credit Unions
- National Bank Financial Group
- Ontario Credit Unions
- Saskatchewan Credit Unions
- TD Canada Trust
3. Make your deposit at your financial institution
Make your deposit by your deadline:
- you have 90 days from the date we issue your Deposit Notice to make a deposit to your AgriInvest account
- you can only make one deposit by the deadline shown on your Deposit Notice. If you deposit less than your maximum matchable deposit, you cannot make up for it later.
When your financial institution confirms that you made your deposit, AAFC will credit matching government contributions to Fund 2 of your account.
4. Withdraw your funds when you need them
You can withdraw funds from your AgriInvest account any time.
Funds are withdrawn from your account in the following order:
- Fund 2 - government contributions and interest (included in income for tax purposes)
- Fund 1 - your deposits (not taxable)
Each year in February, AAFC will send you an annual Statement of Account showing a summary of your account transactions for the year, including any taxable withdrawals you made.