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Alberta Canola Producers eligible for 2016 Tax Year credit

Jan 30, 2017 | 2:16 PM

EDMONTON –  Alberta Canola producers who didn’t apply for a refund of their check-off from the Alberta Canola Producers Commission do qualify for a 2016 tax year tax credit.

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 Alberta canola producers tax credit rate in 2016 is 9.77 percent. That means individual growers who paid $100.00 in check off to Alberta Canola will earn a $9.77 the tax credit.

Producers can opt to have the tax credit by way of one of the following:

— offset federal taxes owing in the current year,

— be received as a tax refund,

— be carried forward up to 10 years to offset federal taxes owing,

— be carried back 3 years to reduce federal taxes paid in those years.

Individual producers must file a T2038 (IND). Farm corporations must file form T2SCH31.

More information is available through the Canada Revenue Agency or your accountant. 

Producers can also find more information at the SR&ED  section on the Canada Revenue Agency Website.