UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549





FORM 40-F





(Check One)

|☐ | Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
|- | ------------------------------------------------------------------------------------

Or



|☒ | Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
|- | ---------------------------------------------------------------------------------------

For fiscal year ended: December 31, 2016

Commission file number: No. 001-14460





AGRIUM INC.

(Exact name
of registrant as specified in its charter)





Canada

(Province or other jurisdiction of incorporation or organization)

2870

(Primary standard
industrial classification code number)

98-0346248

(I.R.S. employer identification number)

13131 Lake Fraser Drive S.E.

Calgary, Alberta

T2J 7E8
Canada

(403) 225-7000

(Address and telephone number of registrants principal executive offices)

CT Corporation System

111 Eighth Avenue, 13th Floor

New York, New York 10011

U.S.A.

(212) 894-8940

(Name, address and telephone number of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act:



|                     |  |                                           
|-------------------- |  | ------------------------------------------
|Title of each class: |  | Name of each exchange on which
registered:
|Common Shares        |  | New York Stock Exchange                   



Securities registered or to be
registered pursuant to Section 12(g) of the Act:

Not Applicable

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

Not Applicable

For
annual reports, indicate by check mark the information filed with this form:



|                         |  |                                     
|------------------------ |  | ------------------------------------
|☒Annual Information Form |  | ☒Audited Annual Financial Statements





Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the annual
report:

138,175,525 Common Shares outstanding as of December 31, 2016

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒            No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (s.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such
files).

Yes  ☐            No  ☐

The Annual Report on Form 40-F shall be incorporated by reference into the registrants Registration Statements
on Form S-8 (File Nos. 333-11254, 333-114276, 333-132207,
333-143334, 333-149666, 333-161620 and 333-195968) and on Form F-10 (File No. 333-211158).









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PRINCIPAL DOCUMENTS

The following documents have been filed as part of this Annual Report on Form 40-F:



| | (1) | Annual Information Form for the Year Ended December 31, 2016 (included as Exhibit 99.1 hereto);
| | --- | -----------------------------------------------------------------------------------------------



| | (2) | Managements Discussion and Analysis from the 2016 Annual Report to Shareholders (included as Exhibit 99.2 hereto); and
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (3) | Audited Annual Financial Statements for the Year Ended December 31, 2016 (included as Exhibit 99.3 hereto).
| | --- | -----------------------------------------------------------------------------------------------------------

DISCLOSURE CONTROLS AND PROCEDURES



|A. | Certifications
|-- | --------------

The required disclosure is included in Exhibits 99.10 -
99.13 to this Annual Report on Form 40-F.



|B. | Evaluation of Disclosure Controls and Procedures
|-- | ------------------------------------------------

Agrium Inc. (the
Registrant) maintains disclosure controls and procedures and internal control over financial reporting designed to ensure that information required to be disclosed in the Registrants filings under the Securities Exchange Act of
1934, as amended (the Exchange Act) is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the SEC). The Registrants Chief
Executive Officer (CEO) and Chief Financial Officer (CFO), after having evaluated the effectiveness of the Registrants disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) as of the end of the period covered by this report have concluded that, as of such date, the Registrants disclosure controls and
procedures were effective to ensure that information required to be disclosed by the Registrant in reports that the Registrant files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods
specified in the SECs rules and forms, and (ii) accumulated and communicated to management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure. However, as recommended by the SEC in its adopting release, the Registrant will continue to periodically evaluate its disclosure controls and procedures and will make modifications from time to time as deemed
necessary to ensure that information is recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms.

The Registrants disclosure controls and procedures are designed to provide reasonable assurance of achieving their
objectives and, as indicated in the preceding paragraph, the CEO and CFO believe that the Registrants disclosure controls and procedures are effective at that reasonable assurance level, although the CEO and CFO do not expect that the
disclosure controls and procedures or internal control over financial reporting will prevent all errors and fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met.



|C. | Managements Annual Report on Internal Control Over Financial Reporting
|-- | -----------------------------------------------------------------------

The required disclosure is included in the Managements Report that accompanies the Registrants
Consolidated Financial Statements for fiscal year ended December 31, 2016, filed as part of this Annual Report on Form 40-F.



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|D. | Attestation Report of the Independent Registered Public Accounting Firm
|-- | -----------------------------------------------------------------------

The required disclosure is included in the Report of Independent Registered Public Accounting Firm that accompanies
the Registrants Consolidated Financial Statements for the fiscal year ended December 31, 2016, filed as part of this Annual Report on Form 40-F. See Controls & Procedures in
Managements Discussion and Analysis for the fiscal year ended December 31, 2016 filed as part of this Annual Report on Form 40-F.



|E. | Changes in Internal Control Over Financial Reporting
|-- | ----------------------------------------------------

Except as
disclosed in Managements Discussion and Analysis for the fiscal year ended December 31, 2016, there was no change in the Registrants internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

AUDIT
COMMITTEE FINANCIAL EXPERT

The Registrants Board of Directors has determined that it has at least one audit committee
financial expert (as such term is defined in paragraph 8(b) of General Instruction B to Form 40-F) serving on its Audit Committee. Ms. Maura J. Clark has been determined to be such audit
committee financial expert and is independent (as such term is defined in the New York Stock Exchanges corporate governance standards).

Paragraph 8(d) of General Instruction B to Form 40-F indicates that the designation of an individual
as an audit committee financial expert does not make her an expert for any purpose, impose on her any duties, obligations or liability that are greater than the duties, obligations or liability imposed on her as a member of the Audit
Committee and the Board of Directors in absence of such designation, or affect the duties, obligations or liability of any other member of the Audit Committee or Board of Directors.

COMPLIANCE WITH NYSE LISTING STANDARDS ON CORPORATE GOVERNANCE

Our common shares are listed on the New York Stock Exchange (the NYSE), but as a listed foreign private issuer, the NYSE does not require us to
comply with all of its listing standards regarding corporate governance. Notwithstanding this exemption, we are in compliance in all material respects with the NYSE listing standards and we intend to continue to comply with such standards so as to
ensure that there are no significant differences between our corporate governance practices and those practices required by the NYSE of other publicly listed companies.

CODE OF ETHICS

The
Registrant has adopted a code of ethics (as that term is defined in Form 40-F), entitled Code of Business Conduct and Ethics that applies to all directors, officers and employees of the Registrant.
The Code of Business Conduct and Ethics has been posted on the Registrants website and may be viewed by visiting www.agrium.com and selecting the Governance Documents tab within the section entitled Governance.

The Code of Ethics is available in print to any shareholder who requests it. Requests for copies of the Code of Ethics should be made by
contacting the Registrant in writing at 13131 Lake Fraser Drive S.E., Calgary, AB T2J 7E8, by telephone at (403) 225-7000, or on the Registrants website at www.agrium.com.



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In the past fiscal year, there have not been any amendments to the Code of Ethics or waivers,
including implicit waivers, from any provision of the Code of Ethics.

NOTICES PURSUANT TO REGULATION BTR

Not applicable.

PRINCIPAL
ACCOUNTANT FEES AND SERVICES

The following table sets out the fees billed to the Registrant by KPMG LLP and its affiliates for
professional services in each of the years ended December 31, 2016 and 2015. During these years, KPMG LLP was the Registrants only external auditor.



|                       |  |                         |           |  |       |  |           | 
|---------------------- |  | ----------------------- | --------- |  | ----- |  | --------- | 
|                       |  | Year Ended December 31, |          
|                       |  | 2016                    |           |  | 2015  | 
|Category               |  | CDN $                   |           |  | CDN $ | 
|Audit Fees (1)         |  |                         | 4,855,700 |  |       |  | 4,590,700 | 
|Audit-Related Fees (2) |  |                         | 9,000     |  |       |  | 14,000    | 
|Tax Fees (3)           |  |                         | 215,800   |  |       |  | 198,500   | 
|All Other Fees         |  |                         | NIL       |  |       |  | NIL       | 
|Total                  |  |                         | 5,080,500 |  |       |  | 4,803,200 | 



|(1) | For professional services rendered by KPMG LLP for the audit and review of the Companys financial statements or services that are normally provided by KPMG LLP in connection with statutory and regulatory filings
or engagements.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | For professional services rendered by KPMG LLP for specified audit procedures regarding financial assurances issued to certain government agencies, and services which are reasonably related to the performance of the
audit of the Companys financial statements, and are not included in Audit Fees.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | For professional services rendered by KPMG LLP for tax compliance, tax advice and tax planning with respect to Canadian, U.S. and key international jurisdictions; review of tax filings; assistance with the preparation
of tax filings; tax advice relating to potential asset and business acquisitions/combinations; and other tax planning, compliance, and transaction services. These amounts include fees paid to KPMG LLP specifically for tax compliance and preparation
services rendered in 2016 and 2015 in the amounts of $93,000 and $88,000, respectively.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

AUDIT COMMITTEES PRE-APPROVAL POLICIES AND PROCEDURES

The Registrant has adopted a written policy pursuant to which
the Registrants Audit Committee pre-approves all audit services and permitted non-audit services provided to the Registrant by the Registrants independent
auditors. The pre-approved services specified in such policy are reviewed annually, and the audit and non-audit services to be provided by the Registrants
independent auditors, as well as the budgeted amounts for such services, are also pre-approved annually. The Audit Committee has also delegated to the Chair of the Audit Committee, who is independent, the
authority to act on behalf of the Audit Committee with respect to the pre-approval of all audit and permitted non-audit services provided by its external auditors from
time to time. Any approvals by the Chair are reported to the full Audit Committee at its next meeting. None of the services described in footnotes 2 and 3 under Principal Accountant Fees and Services above were approved by the Audit
Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.



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OFF-BALANCE SHEET ARRANGEMENTS

The required disclosure is included on page 52 of Managements Discussion and Analysis for the fiscal year ended December 31, 2016,
filed as part of this Annual Report on Form 40-F and in note 11 to the Registrants audited annual financial statements included as Exhibit 99.3 of this Annual Report on Form 40-F.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The required disclosure is included on page 49 of Managements Discussion and Analysis for the fiscal year ended December 31, 2016,
filed as part of this Annual Report on Form 40-F.

IDENTIFICATION OF THE AUDIT COMMITTEE

The Registrant has a separately-designated standing audit committee established in accordance with section 3(a)(58)(A) of the
Exchange Act. The members of the Audit Committee are Maura J. Clark, (Chair), David C. Everitt, Russell K. Girling and Russell Horner.

RESERVE AND RESOURCE ESTIMATES

The Registrants mineral reserves have been estimated in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects (NI 43-101), as required by Canadian securities regulatory authorities. For United States
reporting purposes, Industry Guide 7 under the Securities Act of 1933, as amended, as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. In addition, while the terms
measured, indicated and inferred mineral resource are required pursuant to NI 43-101, the SEC does not recognize such terms. Canadian standards differ significantly from the
requirements of the SEC, and mineral resource information contained in the documents incorporated into this Annual Report on Form 40-F by reference is not comparable to similar information regarding mineral
reserves disclosed in accordance with the requirements of the SEC. Investors should understand that inferred mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal
feasibility. In addition, investors are cautioned not to assume that any part or all of our mineral resources constitute or will be converted into reserves.

MINE SAFETY DISCLOSURE

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and Item 16 of General Instruction B to Form 40-F is included in Exhibit 99.9 to this Annual Report on Form 40-F.

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS



|A. | Undertaking
|-- | -----------

The Registrant undertakes to make available, in person or
by telephone, representatives to respond to inquiries made by the staff of the SEC, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities in relation to which the obligation to file an annual
report on Form 40-F arises or transactions in said securities.



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|B. | Consent to Service of Process
|-- | -----------------------------

The Registrant has previously filed with
the SEC a Form F-X in connection with the Common Shares.

Any change to the name or
address of the Registrants agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Registrant.



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SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.



|                    |  |  |  |             |  |                                    
|------------------- |  |  |  | ----------- |  | -----------------------------------
|                    |  |  |  | AGRIUM INC.
|                    |  |  | 
|Date: March 2, 2017 |  |  |  | By:         |  | /s/ Charles V. Magro               
|                    |  |  |  | Name:       |  | Charles V. Magro                   
|                    |  |  |  | Title:      |  | President & Chief Executive Officer



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EXHIBIT INDEX



|         |  |                                                                                                                                                          
|-------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits |  | Description                                                                                                                                              
|         | 
|99.1     |  | Annual Information Form for the Year Ended December 31, 2016                                                                                             
|         | 
|99.2     |  | Managements Discussion and Analysis from the 2016 Annual Report to Shareholders                                                                         
|         | 
|99.3     |  | Audited Annual Financial Statements for the Year Ended December 31, 2016                                                                                 
|         | 
|99.4     |  | Consent of Independent Registered Public Accounting Firm                                                                                                 
|         | 
|99.5     |  | Consent of A. Dave Mackintosh, B.Sc., P.Geo                                                                                                              
|         | 
|99.6     |  | Consent of ADM Consulting Limited                                                                                                                        
|         | 
|99.7     |  | Consent of Michael Ryan Bartsch, P. Eng.                                                                                                                 
|         | 
|99.8     |  | Consent of Dennis William Aldo Grimm, P. Eng.                                                                                                            
|         | 
|99.9     |  | Mine Safety Disclosure                                                                                                                                   
|         | 
|99.10    |  | Chief Executive Officers Certification Required by Rule 13a-14(a) or Rule 15d-14(a)                                                                     
|         | 
|99.11    |  | Chief Financial Officers Certification Required by Rule 13a-14(a) or Rule 15d-14(a)                                                                     
|         | 
|99.12    |  | Chief Executive Officers Certification Required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United
States Code
|         | 
|99.13    |  | Chief Financial Officers Certification Required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United
States Code