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Canola checkoff tax credit available

Canola checkoff tax credit available
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Canola growers who didn’t ask for a checkoff refund last year can get a tax credit for the portion used for qualifying research.

The tax credit rate for Alberta canola producers in 2018 is 17.43 per cent. That means a grower who paid $100 in canola checkoffs would receive a $17.43 tax credit.

The Scientific Research and Experimental Development credit can be used for the 2018 tax year, carried forward up to 10 years to offset federal taxes owing or carried back three years to reduce federal taxes paid in those years.

Individual producers must file a T2038 (IND) while farm corporations must file form T2SCH31.

For more info, go to the Canada Revenue Agency website and search for ‘SR&ED incentives.’

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