TORONTO, ONTARIO -- (Marketwire) -- 12/14/12 -- 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.
Today, 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.
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
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.
2011 Sales of Allowable Commodities: $2,500,0002011 Less Purchases of Allowable Commodities: $1,000,000 ----------2011 Allowable Net Sales $ 1.5% X $1,500,000 ----------2011 Matchable Deposit$ $22,500
(i) More information on the AgriInvest program can be found at: www.agr.gc.ca/agriinvest.
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 a specialized farm-equipment line of credit, flexible farm mortgages, BMO's Agri ReadiLine and loans under the Canadian Agricultural Loans Act.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Paul Cunliffe, Toronto
Valerie Doucet, Montreal
Laurie Grant, Vancouver