Alberta’s wheat farmers are eligible for 20 percent SR&ED tax credit for investing in AWC-funded research
(Calgary, Alberta), February 21, 2017 – Alberta wheat farmers who paid the Alberta Wheat Commission (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. For example, farmers who paid $100 in check-off to AWC in 2016 would earn $20 in tax credit.
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.
The federal SR&ED program encourages R&D investment through tax-based incentives, giving claimants tax credits for their expenditures on eligible R&D work. 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 and farm corporations must use form T2SCH31.
For more information, contact the Canada Revenue Agency directly, or visit the CRA website at http://www.cra-arc.gc.ca/txcrdt/sred-rsde/clmng/clmngsrd-eng.html.