Alberta canola growers who don’t request a checkoff refund qualify for a tax credit for the 2014 tax year.
The Scientific Research and Experimental Development tax credit allows growers to claim the tax credit for the portion of the checkoff paid used to fund qualifying research. The rate for Alberta canola producers in 2014 is 17.89 per cent — so a grower who paid $100 in checkoffs would be eligible for a $17.89 tax credit.
For more information, contact the Canada Revenue Agency or your accountant.
