We have become aware that AFSC discovered a glitch in their process where they send batches of financial information to the AgriInvest Administration. This has resulted in thousands of applications submitted from June 2022 being delayed until December.
AFSC has now forwarded the application backlog and these are being keyed in manually by AgriInvest Administration. Warning letters were sent out by AgriInvest Administration on December 5 to farmers for whom they had not yet received 2021 financial information. If you received one of these letters, it is possible that AFSC did receive your information but it is just now being keyed in late by AgriInvest Administration.
A sample of the letter is as follows:
This glitch should not affect farmers who file Form T1163 (sole proprietors and partnerships with individual partners), as this information is filed directly with AgriInvest Administration via CRA when personal taxes were filed.
If you received one of these warning letters:
- Call our office if we are your authorized representative with AFSC and we can investigate for you to make sure all is in order
- Or call AFSC at 1-877-899-2372 to ensure that they received your financial information and which day it was forwarded to AgriInvest (you will need either your PIN number or AFSC ID number)
AFSC has confirmed that there will be no late filing penalty for applications submitted to AFSC prior to the September 30 deadline, even if not received by AgriInvest Administration until after that date.
For your information – the AgriInvest application process is normally supposed to work as follows:
- Financial information is submitted to AFSC in the form of Statement A.
- AFSC then forwards all Statement A’s in batches to AgriInvest Administraiton.
- Then AgriInvest Administration issues a deposit notice to the farm.
- The farm can then make a deposit into their AgriInvest bank account.
- The government matches the deposit. This matching deposit is tax-free until withdrawn from the account.
If you have any further questions, please contact our office.