Canola farmers in Manitoba who are members of the Manitoba Canola Growers Association (MCGA) qualify for a tax credit for the 2015 tax year.
The Scientific Research and Experimental Development (SR&ED) tax credit allows canola farmers to claim the tax credit for that portion of the check off paid that was used to fund qualifying research.
“Producers are entitled to obtain taxable benefits on canola check-off deductions that are used to support Research & Development,” says Chuck Fossay, chair, MCGA Research Committee. “For the MCGA, only part of our R & D qualifies for the tax credits due to CRA regulations. Current approved R & D facilities in Canada are Universities and the government agricultural research centres.”
The rate for Manitoba canola producers in 2015 is 5.66 per cent. For example, an individual farmer that paid $100.00 in check off to the MCGA in 2015 has earned $5.66 toward the tax credit.
MCGA is committed to maximizing net income for Canola farmers through sustainable production.
Source : ManitobaCanolaGrowers