The Alberta Wheat Commission (AWC) advises farmers that 21 per cent of their 2017 check-off payment is eligible for the Scientific Research & Experimental Development (SR&ED) tax credit for their investment in AWC-funded research and development (R&D) projects. For example, farmers who paid $100 in check-off to AWC in 2017 would earn $21 in tax credit.
The federal SR&ED tax program is administered by the Canada Revenue Agency (CRA) and encourages businesses to invest in and perform research and development (R&D) in Canada.
AWC’s percentage is based research investments over the past fiscal year that align with the program. AWC research investments focus on genetic and agronomic improvements aimed at improving the long-term profitability of Alberta’s wheat producers.
Farmers must include use Form T661 with their tax return along with either Form T2SCH31 (incorporated businesses) or Form T2038 (Individuals). Farmers can learn more about the SR&ED program by visiting the CRA website.
To receive the SR&ED credit from their investment in AWC, farmers must not have requested a check-off refund this year.
Additional SR&ED tax credits are available for producers who paid check-off into the following organizations:
Alberta Barley - 17 per cent
Alberta Canola Producers Commission – 14.32 per cent
Alberta Pulse Growers – will be noted on albertapulse.com when available.
Alberta Oat Growers Commission – 11.8 per cent
Source : Alberta Wheat Commission