Alberta Canola farmers among those who may be eligible for 2021 tax credit
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LETHBRIDGE, AB. — Alberta Canola growers who didn’t request a refund of their check off from the Alberta Canola Producers Commission qualify for a tax credit for the 2021 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.
Farmers are funding research, looking for ways to better grow their product, and the tax allows farmers to capture some of that investment back at tax time.
The tax credit rate for canola producers in Alberta for 2021 is 14.59 per cent, which means that for growers who paid $1,000 in check off to Alberta Canola in 2021, they are eligible for a $145.90 tax credit.
