Wheat producers in Alberta are advised that they may claim SR&ED credit on their 2014 income taxes
(Calgary, Alberta) – Wheat producers paying the Alberta Wheat Commission (AWC) provincial check-off are eligible for a tax credit through the Scientific Research and Experimental Development (SR&ED) program for their investment in AWC funded research and development (R&D) projects.
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.
Of AWC’s check-off, 9% of producers’ investments are eligible for a tax credit for the 2014 tax year. The tax credit percentage is based on the amount invested in R&D that meets the criteria laid out by the Canada Revenue Agency (CRA).
Farm individuals should use form T2038 (IND) to claim this credit when filing their taxes while 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.
Producers who have requested a refund of their levy are not eligible for the tax credit.
The Alberta Wheat Commission is a producer-directed organization representing the interests of and serving as a single voice for all of Alberta’s 14,000 wheat producers. www.albertawheat.com
For more information, please contact
Finance and Human Resources Manager
Communications and Events Coordinator
P. 403.219.7906 l C. 403.813.6956 l Email