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| Commercial/Business Loans |
| Agricultural Programs |
| Credit Cards |
| Government Guaranteed Loans |
| Group Employee Benefits |
| Group RRSPs |
| Merchant Services |
| Night Deposit |
| Payroll Services |
| US Fund Transactions |
Agricultural Programs
Farm Improvement Loans
The Farm Improvement and Marketing Cooperatives Loans Act (FIMCLA) is a federal government program designed to increase the availability of loans for the purpose of the improvement and development of farms and the processing, distribution or marketing of farm products by cooperative associations.
For further details on program eligibility, terms of interest, security, etc., visit the government website.
| Current NISA Rates are: | |
| VARIABLE RATE | |
| Under 5K | 2.00% |
| 5-10K | 2.25% |
| 10-25K | 2.50% |
| 25-50K | 2.50% |
| Over 50K | 2.75% |
| FIXED RATE | |
| 1 Year | 2.00% |
| 2 Year | 2.50% |
| 3 Year | 2.75% |
| 4 Year | 3.25% |
| 5 Year | 3.50% |
The Canadian Agricultural Income Stabilization (CAIS) Program is a program offered as part of the Agriculture Policy Framework, which is designed to stabilize the income of agricultural producers regardless of the commodities they produce. Each fiscal year, participants make a decision on how much risk protection they would like for the program year. This protection is secured by making a deposit in a CAIS account at your Credit Union. If participants’ farming income for the current program year declines as compared to their average historical farming income, the funds in their account will be made available for a withdrawal. At the same time, participants will receive a payment of government funds. The payment will bring participants’ income up to the minimum of their selected protection level, and up to the maximum of 92% of their average historical farming income.
Net Income Stabilization Account (NISA)
The Net Income Stabilization Account (NISA) is a voluntary program developed jointly between producers and the Government of Canada. The Program is designed to help producers achieve long-term farm income stability on an individual basis. By providing producers the opportunity to deposit money annually into their NISA account and receive matching government contributions, the stabilization fund grows. The NISA accounts offer a competitive rate and provide the flexibility of access when needed.
With changes in the federal government farm safety net programs and the introduction of the new Canadian Agricultural Income Stabilization (CAIS) Program, the current Net Income Stabilization Program will begin winding down in the coming months. Producers will be able to open NISA accounts and make deposits for the 2002 stabilization year until December 31, 2003 or 60 days following receipt of their Deposit/Withdrawals Option Notice. Producers will retain ownership of the funds currently in their NISA accounts, including the portion provided by government. Beginning in 2004, producers will have up to five years to withdraw all the money from their NISA account, which allows them to spread out their tax liability.
Specific details on the new program are available through the Agriculture Canada website or at your Credit Union.
Check with individual Credit Unions for product availability.
