Tax credit up slightly on Alta. canola checkoff

Alberta canola growers whose checkoff dollars stayed with the province’s canola growers’ commission in 2011 could see a slightly bigger tax credit to show for it.

The Alberta Canola Producers Commission announced Tuesday that the portion of the Alberta canola checkoff eligible for the federal Scientific Research and Experimental Development (SR+ED) in the 2011 tax year will be 14.3 per cent.

Thus an Alberta grower who paid, say, $100 in canola checkoffs to the ACPC in 2011, would see $14.30 of that amount eligible to earn the SR+ED credit.

The SR+ED tax credit allows eligible growers to claim a tax credit for the portion of a non-refunded checkoff that was used to fund qualifying research.

The portion eligible for Alberta canola is up from both 11.24 per cent in the 2010 tax year and 13.72 per cent in 2009.

To claim the tax credit, individual producers have to file a T2038 (IND) form with their tax returns, while farm corporations file form T2SCH31, the ACPC said.

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