The purpose of the CAEFM is the advancement of education, through the following means:
- Providing scholarships, bursaries, awards and other forms of financial assistance to students of agricultural economics, or a related specialty.
- Establishing academic chairs and lectureships to encourage and improve the study, interpretation and knowledge of agricultural economics, or a related specialty, with particular reference to the Canadian economy.
- Promoting research and knowledge discovery with particular reference to agricultural economics and the Canadian economy. The research must be carried out for educational purposes, and must be non-partisan in nature. Any results of the research sponsored by the Foundation must be made available to the public.
- Advancing knowledge and science, particularly in the field of agricultural economics, and related subjects and disciplines, and providing support and maintenance of learned societies and scientific institutions.
- Acquiring, accepting, soliciting or receiving by donation, legacy, gift, grant, bequest or otherwise funds or any goods in any form whatsoever and providing for the disbursement thereof in the furtherance of the objects of the corporation.