Cereal farmers who pay Alberta Wheat’s and Alberta Barley’s checkoff are eligible for Scientific Research & Experimental Development Fund (SR&ED) tax credits.
For wheat, the tax credit is 31 per cent while for barley, it’s 13 per cent.
The federal program encourages R&D investment by giving claimants tax credits for their expenditures on eligible R&D work.
Eligible producers should use form T2038 (IND) to claim this credit when filing their taxes while farm corporations must use form T2SCH31.
For more information, contact the Canada Revenue Agency or visit canada.ca and search for SR&ED.