Sask Wheat announces Research Tax Credit

Feb 18, 2022

Sask Wheat has crunched the numbers and says registered wheat growers that paid their levy will see a significant increase in this year's investment tax credits.

Communications Manager Dallas Carpenter says this year, farmers can claim 67.3 per cent of their levy contributions under the Scientific Research and Experimental Development expenditure on their Federal Tax Return.

"The program gives registered wheat producers, in our case, access to investment tax credits by means of cash refunds or reductions to taxes payable for their levy contributions that are spent on qualifying research."

He notes for the 2020-2021 crop year which ended July 31, 2021 Sask Wheat committed $10.2 million to 50 research projects.

The SR&ED Program is a federal government program that encourages research and development by providing tax-based incentives.

Farm Corporations can claim 48.97 per cent of their levy under the Saskatchewan Research and Development Tax Credit Program.

Click here to see more...

Video: Finding a Balance of Innovation and Regulation - Dr. Peter Facchini

Regulations help markets and industry exist on level playing fields, keeping consumers safe and innovation from going too far. However, incredibly strict regulations can stunt innovation and cause entire industries to wither away. Dr. Peter James Facchini brings his perspective on how existing regulations have slowed the advancement of medical developments within Canada. Given the international concern of opium poppy’s illicit potential, Health Canada must abide by this global policy. But with modern technology pushing the development of many pharmaceuticals to being grown via fermentation, is it time to reconsider the rules?

Dr. Peter James Facchini leads research into the metabolic biochemistry in opium poppy at the University of Calgary. For more than 30 years, his work has contributed to the increased availability of benzylisoquinoline alkaloid biosynthetic genes to assist in the creation of morphine for pharmaceutical use. Dr. Facchini completed his B.Sc. and Ph.D. in Biological Sciences at the University of Toronto before completing Postdoctoral Fellowships in Biochemistry at the University of Kentucky in 1992 & Université de Montréal in 1995.