Canadian Farm Business Management Council renamed

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The Canadian Farm Business Management Council has a new name — Farm Management Canada.

FMC says the change is part of its 20th anniversary, with other changes including a new website fmc-gac.com and a new and improved Canadian Farm Manager magazine.

Farm Management Canada is a national organization devoted exclusively to developing and distributing advanced farm management information. Supported by Agriculture and Agri-Food Canada and private partners, it offers information products such as CD-ROMs, books and DVDs covering topics of relevance to farmers such as succession planning, marketing, human resources and finance.

Calculating checkoff tax credits

Farmers who contribute to grain and oilseed research through checkoffs are eligible for the federal government’s Scientific Research and Experimental Development (SR&ED) tax credit.

Each organization may vary, as it will have its own eligible percentage. The percentages are calculated by looking at the percentages of the checkoff dollars spent directly on research.

Producers who choose to opt out of the program are not eligible for the tax credit.

The tax credit percentages for producers who contributed to the wheat and barley checkoff administered by the Western Grains Research Foundation in 2011 are 84 per cent for wheat and 83 per cent for barley.

In Alberta, the checkoff on barley is collected by the Alberta Barley Commission. Its tax credit rate is 22 per cent.

The tax credit is earned at a rate of 20 per cent for individuals and 35 per cent for corporate producers that are Canadian-controlled private corporations (CCPC). For example, if a producer contributed $300 to the WGRF wheat checkoff in 2011, the eligible amount would be calculated by taking 84 per cent (the wheat percentage) of the $300 = $252.

If the producer files taxes as an individual they would take the $252 and would earn 20 per cent of this amount as a tax credit = $50.40.

For producers who file as a corporation, they would earn 35 per cent of the $222 as a tax credit = $88.20.

For more information, visit the WGRF website at www.westerngrains.com or the ABC website at www.albertabarley.com.

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