(Alice McFarlane/farmnewsNOW Staff)

By Alice McFarlane

Tax Credit

Research tax credit available for some canola growers

Mar 19, 2019 | 10:09 AM

Canola producers who paid a levy to SaskCanola are eligible for a tax credit through the Scientific Research and Experimental Development program. This is for their investment in SaskCanola funded research and development projects.

For the 2018 tax year, 32 per cent of producers’ levy is eligible for the federal tax credit. The percentage is based on the dollar amount SaskCanola invested in research and development that meets the criteria laid out by the Canada Revenue Agency.

The program gives registered canola producers access to investment tax credits by means of cash refunds or reduction to taxes payable for their levy contributions that are spent on qualifying research.

Investment tax credits can be claimed by filing form T2038 for farm individuals or T2SCH31 for farm corporations.

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Farm corporations can also claim 26 per cent of their levy contributions as a qualifying expenditure toward the Saskatchewan Research and Development Tax Credit program. This credit may be claimed by filing form T2SCH403.

Producers that have requested a refund of their levy are not eligible for either tax credit.

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alice.mcfarlane@jpbg.ca

On Twitter: @AliceMcF