Canola growers who haven’t requested a refund of their checkoff from the Alberta Canola Producers Commission qualify for a tax credit.
The Scientific Research and Experimental Development (SR&ED) tax credit allows canola growers to claim the credit for the portion of the checkoff paid that was used to fund qualifying research.
“Farmers are funding research into finding solutions to agronomic issues like clubroot, while being able to capture some of that investment back at tax time,” said Mundare farmer John Mayko, chair of Alberta Canola’s research committee.
The tax credit rate for 2019 is 23.69 per cent. So $1,000 in canola checkoffs means $236.90 is the eligible amount to be earned as the tax credit.
For more information, contact the Canada Revenue Agency or your accountant.
