Producers who paid their Alberta Wheat Commission check-off are eligible for a 31 per cent tax credit for their investment in wheat research and development projects.

The tax credit is available through the Scientific Research & Experimental Development Fund program.

The federal program encourages R&D investment through tax-based incentives, giving claimants tax credits for their expenditures on eligible R&D work.

The tax credit percentage is based on the amount invested in R&D that meets the criteria laid out by the Canada Revenue Agency.

Farmers should use form T2038 (IND) to claim the credit, while farm corporations must use form T2SCH31 when filing their taxes.

Farmers who have requested a refund on their check-off are not eligible for the tax credit.

More information on the research and development tax credit (SR&ED program) is available from the Canada Revenue Agency.


Source link

Share This Story, Choose Your Platform!

Share on facebook
Share on twitter
Share on reddit
Share on linkedin
Share on whatsapp
Share on tumblr
Share on pinterest
Share on vk
Share on email