AgriInvest & AgriStability Deadline Sept 30, 2017
Hope everyone is have a great summer and growing season! The miserable harvest of 2016 is now in our rear view mirror.
The next thing on an accountants “to do” list after tax season is filing the necessary documents and applications for AgriInvest and AgriStability.
Personally your AgriInvest info is automatically sent to Ag Canada via your tax return. It is different for corporations! A hard copy of your financial statement, Schedule 1 and Statement A (farm income/expense schedule on a cash basis) needs to be sent to AFSC on or before Sept 30th. AFSC then in turns forwards the info to Ag Canada on your behalf. Once received at Ag Canada a deposit notice will be issued giving you 90 days to make a matcheable deposit at your financial institution.
AgriStability on the other hand compiles your farm production results along with other year end info such as deferred revenue, prepaid inputs, unpaid expenses and is sent to AFSC electronically through their eForms online program. The deadline to file without penalty is Sept 30th each year.
If anyone needs assistance with either of these programs, contact us. We are here to help!