With tax season looming, producers are being reminded that they are eligible for a tax credit if they paid a checkoff for an organization that funds research.
For example, the tax credit rate for canola producers for 2022 is 20.93 per cent (meaning a checkoff total of $1,000 generates a tax credit of $209.30). The credit recognizes the amount of the levy that goes towards research projects.
The Scientific Research and Experimental Development tax credit can be used to offset federal taxes in 2022, carried forward 10 years or retroactively applied up to three years. The amount of the credit varies by organization (for example, it’s 25.9 per cent for pulse growers for 2022).
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For a specific checkoff, google the name of the farm organization and ‘SR&ED.’
