Crop commissions are reminding growers that they can get a tax credit for their checkoffs.
The Scientific Research and Experimental Development Fund (SR&ED) program is based on the percentage of a checkoff that is used for crop research and development — an amount that varies for each crop.
For barley, every $100 in 2021 checkoffs generates a tax credit of $12 while for canola, the tax credit would be $14.59. Wheat, pulse and oats checkoffs are also eligible.
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Alberta Canola has more details on the program (such as carry-forward rules and required tax forms) along with a link to Revenue Canada’s web page on the credit.
