The CIBC AgriInvest Account is an interest bearing account with no monthly account fees or day-to-day transaction fees. It is designed specifically for farmers participating in the Canadian federal government's AgriInvest Program.
As part of the program, the government will send an AgriInvest Account Initiation Form to all eligible farmers with an AgriInvest Personal Identification Number (PIN). This PIN is required to open a CIBC AgriInvest Account. For each eligible year, you will receive a Deposit Notice indicating the maximum allowable deposit that can be made by the deadline date in order to take advantage of the government's "matching" contribution feature.
You have the flexibility to withdraw the funds at any time from the account; however, withdrawals up to the government's matching contribution and any interest accrued are subject to taxation.