Wheat farmers in Alberta could be in for a refund.
The Alberta Wheat Commission (AWC) says that any farmer who paid the AWC check-off and did not request a refund are eligible to receive a 20 percent tax credit under the Scientific Research & Experimental Development (SR&ED) program for their investment in AWC-funded wheat research.
(Photo/Sidney Blake Photography)
AWC’s SR&ED percentage reflects the commission’s investment in research and development projects that meet the criteria laid out by the Canada Revenue Agency (CRA) over the 2016-17 year.
For example, farmers who paid $100 in check-off during the 2016 tax year would be eligible to earn $20 in tax credits.
A similar refund under the SR&ED program was announced by the Alberta Canola Producers Commission earlier this month. Their percentage is 9.77 percent.
AWC research investments focus on genetic and agronomic improvements aimed at improving the long-term profitability of Alberta’s wheat producers.
Farm individuals should use form T2038 (IND) to claim this credit when filing their taxes. Farm corporations must use form T2SCH31.
More information can be found by accessing the CRA website, or by calling the agency directly.
– Posted by BET
