Alberta Barley producers eligible for 17 percent SR&ED tax credit for 2017 research investments
Alberta Barley advises farmers that 17 per cent of their 2017 check-off payment is eligible for the Scientific Research & Experimental Development (SR&ED) tax credit for their investment in Alberta Barley-funded research and development (R&D) projects. For example, farmers who paid $100 in check-off to Alberta Barley in 2017 would earn $17 in tax credit.
The federal SR&ED tax program is administered by the Canada Revenue Agency (CRA) and encourages businesses to invest in and perform research and development (R&D) in Canada.
Alberta Barley’s percentage is based research investments over the past fiscal year that align with the program. Alberta Barley’s research investments provide support for innovation and technological advancement in the agriculture industry.
Farmers must include use Form T661 with their tax return along with either Form T2SCH31 (incorporated businesses) or Form T2038 (Individuals). Farmers can learn more about the SR&ED program by visiting the CRA website.
To receive the SR&ED credit from their investment in Alberta Barley, farmers must not have requested a check-off refund this year.
Additional SR&ED tax credits are available for producers who paid check-off into the following organizations:
Alberta Wheat Commission – 21 per cent
Alberta Canola Producers Commission – 14.32 per cent
Alberta Pulse Growers – will be noted on albertapulse.com when available.
Alberta Oat Growers Commission – 11.8 per cent
Farmers looking for more information from Alberta Barley can contact:
Chief Financial Officer and Director of Human Resources
Alberta Wheat Commission and Alberta Barley
Interim Communications Manager
Alberta Wheat Commission