Canola growers in Alberta that do not request a refund of their check off from the Alberta Canola Producers Commission (ACPC) qualify for a tax credit for the 2010 tax year.
The Scientific Research and Experimental Development (SR&ED) tax credit allows canola growers to claim the tax credit for that portion of the check off paid that was used to fund qualifying research.
The rate for Alberta canola producers in 2010 is 11.24 percent. For example, for an individual grower that paid $100.00 in check off to the ACPC in 2010, $11.24 is eligible to earn the tax credit.
Individual growers have 17.5 months and Canadian controlled private corporations have 18 months after December 31, 2010 to file.
Individual producers must file a T2038 (IND). Farm corporations must file form T2SCH31.
For more information, contact the Canada Revenue Agency or your accountant.
click here for SR&ED information on the Canada Revenue Agency Website
Ward Toma, P.Ag
General Manager
Alberta Canola Producers
1-800-551-6652
click here for information on the 2009 SR&ED Tax Credit for Alberta canola growers
Source: Alberta Canola Producers Commission