BMO Financial Group
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BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

June 04, 2012 10:23 ET

BMO: Farmers Set to Receive 2012 AgriInvest Deposit Notices

TORONTO, ONTARIO--(Marketwire - June 4, 2012) - Agriculture and Agri-Food Canada (AAFC) has started mailing 2011 AgriInvest Deposit Notices to AgriInvest Program participants. BMO Bank of Montreal encourages farmers to open an AgriInvest account to build savings more quickly.

The 2011 Deposit Notices tell producers:

  • The maximum matchable deposit amount;
  • The deposit deadline for the 2011 program year; and
  • Their AgriInvest account balance.

Producers have 90 days from their Deposit Notice date to make their deposit. AAFC will subsequently credit their AgriInvest Account with the government's matching contribution.

"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's market-leading interest rate allows farmers to build savings more quickly. These savings can be used in future years to weather cyclical pressures on margins and cash flows."

An AgriInvest account can be opened at your local BMO Bank of Montreal branch. For more information, please visit http://www.bmo.com/agriinvest/.

About BMO AgriInvest Accounts

BMO AgriInvest customers benefit from:

  • Premium interest rate savings account - premium rates on the entire balance
  • Expert financial advice and support
  • No monthly fee plan; includes five transactions
  • Unlimited free transfers to and from any existing business accounts

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).

Allowable net sales are equal to total sales of eligible commodities minus total purchases of eligible commodities.

Sample calculation

2011 Sales of Allowable Commodities: $2,500,000
2011 Less Purchases of Allowable Commodities: $1,000,000
2011 Allowable Net Sales 1.5% X $1,500,000
2011 Matchable Deposit $22,500

About BMO Bank of Montreal

BMO's roots in the Canadian agricultural sector date back to 1817, when it first began working with farmers. Today, BMO enjoys a well-founded reputation for providing customized loan and deposit solutions to Canada's agri-business owners, the single largest core commercial sector that the bank serves.

In addition to AgriInvest, BMO Bank of Montreal offers programs and products including BMO's Agri ReadiLine, Equipment ReadiLine, flexible farm mortgages, and loans under the Canadian Agricultural Loans Act.

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