Canola growers who didn’t ask for a checkoff refund last year can get a tax credit for the 2016 tax year.
The Scientific Research and Experimental Development tax credit covers the portion of the checkoff used for qualifying research. For Alberta canola producers, the credit is 9.77 per cent. For example, for an individual grower who paid $100 in checkoffs to Alberta Canola in 2016, $9.77 is eligible for the tax credit.
The credit can be used right away to lower federal taxes, carried forward for up to 10 years, or carried back three years.
For more info, go to www.cra-arc.gc.ca and search for ‘SR&ED.’