Canola growers in Alberta that do not request a refund of their check off from the Alberta Canola Producers Commission (ACPC) qualify for a tax credit for the 2015 tax year.
The Scientific Research and Experimental Development (SR&ED) tax credit allows canola growers to claim the tax credit for that portion of the check off paid that was used to fund qualifying research.
The rate for Alberta canola producers in 2015 is 11.88 percent. For example, an individual grower that paid $100.00 in check off to the ACPC in 2015 has earned $11.88 toward the tax credit.
The tax credit can:
- offset federal taxes owing in the current year,
- be received as a tax refund,
- be carried forward up to 10 years to offset federal taxes owing, or
- be carried back 3 years to reduce federal taxes paid in those years.
Individual producers must file a T2038 (IND). Farm corporations must file form T2SCH31.
For more information, contact the Canada Revenue Agency or your accountant. Go to: http://www.cra-arc.gc.ca/txcrdt/sred-rsde/clmng/thrdprty-eng.html#s8_3 for SR&ED information on the Canada Revenue Agency website.
For more information, contact:
Ward Toma, P. Ag.
Alberta Canola Producers
click here for information on the 2014 SR&ED Tax Credit for Alberta canola growers
Additional 2015 SR&ED tax credits are available for producers who paid check-off into the following organizations:
Alberta Wheat Commission – 20 per cent (albertawheat.com)
Alberta Barley – 17 per cent (albertabarley.com)
Alberta Pulse Growers – 18.5 per cent (pulse.ab.ca)
Alberta Oat Growers Commission – will be noted on poga.ca when available.
Western Grains Research Foundation – 74% on wheat, 73% on barley (westerngrains.com)