February 26, 2014 at 09:19 AM
The federal government annually provides a Scientific Research and Experimental Development (SR&ED) tax credit to producers offering them money back on their check-off investments.
The tax credit percentage for producers who contributed to WGRF through the wheat and barley check-off in 2013 are 68% for wheat and 71% for barley.
The percentages above are calculated by looking at the amount of the check-off dollars spent directly on research. This is then determined to be the eligible portion. These percentages are lower than previous years due to recent legislative changes at the Canada Revenue Agency allowing only 80% of eligible R&D expenditures to be used in the calculation.
For more information on claiming your SR&ED tax credit, please consult your accountant. For more information on the SR&ED investment tax credit, visit the Canada Revenue Agency website http://www.cra-arc.gc.ca/txcrdt/sred-rsde/menu-eng.html