Tax credit for canola checkoffs

Alberta Canola is reminding its members that they can get a tax credit on a portion of the checkoffs they paid in 2017.

The Scientific Research and Experimental Development tax credit allows canola growers to claim the portion of the checkoff 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 vice-chair John Guelly.

The tax credit rate for 2017 is 14.32 per cent of checkoffs paid on canola. The credit can be used to offset last year’s taxes, carried forward for 10 years, or carried back three years to reduce federal taxes paid in those years.

For more, go to the Scientific Research and Experimental Development Tax Incentive Program page on the Government of Canada website.

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