Tax Credit for the 2008 Tax Year Open to Alberta Canola Producers
February 10, 2009
Canola Growers in Alberta that do not request a refund of their check off from the Alberta Canola Producers Commission (ACPC) qualify for a tax credit for the 2008 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.
The rate for Alberta canola producers in 2008 is 18.95 percent. For example, for an individual grower that paid $100 in check off to the ACPC in 2008, $18.95 is eligible to earn the tax credit.
Individual growers have 17.5 months and Canadian controlled private corporations have 18 months after December 31, 2008 to file.
The tax credit can:
• offset federal taxes owing in the current year,
• be received as a refund,
• be carried forward up to 10 years to offset federal taxes owing, or
• be carried back 3 years to reduce federal taxes paid in those years.
Individual producers must file a T2038 (IND). Farm corporations must file form T2SCH31.
For more information, contact the Canada Revenue Agency or your accountant.
click here for SR&ED info on the Canada Revenue Agency Website
Ward Toma, P.Ag
General Manager
Alberta Canola Producers
1.800.551.6652