| ||Wheat producers in Alberta who paid into but didn’t request a refund of their check off from the Alberta Wheat Commission (AWC) qualify for a tax credit for the 2015 tax year through the Scientific Research and Experimental Development (SR&ED) program for their investment in AWC-funded research and development (R&D) projects.
For the 2015 tax year, 20 per cent of producers’ check-off is eligible for the federal SR&ED tax credit. For example, for an individual grower that paid $100.00 in check off to AWC in 2015, $20.00 is eligible to earn in tax credits. The tax credit percentage is based on the dollar amount AWC has invested in R&D that meets the criteria laid out by the Canada Revenue Agency (CRA).
The federal SR&ED program encourages R&D investment through tax-based incentives, giving claimants tax credits for their expenditures on eligible R&D work. AWC research investments focus on genetic and agronomic improvements aimed at improving the long-term profitability of Alberta’s wheat producers.
Farm individuals should use form T2038 (IND) to claim this credit when filing their taxes and farm corporations must use form T2SCH31.
For more information visit the Canada Revenue Agency website.
Additional SR&ED tax credits are available for producers who paid check-off into the following organizations:
Amanda Ryan, communications manager
Alberta Wheat Commission