News
March 17, 2011
Claim an SR & ED Investment Tax Credit for your Canaryseed Levy
The Scientific Research and Experimental Development (SR&ED) tax credit is available on the portion of check-off levies spent on qualified projects.
For the 2010 taxation year, CDCS has determined that 72 per cent of the canaryseed levy collected is eligible for this federal tax credit.
The tax credit may be claimed by filing form T2038(IND) for farm individuals or T2SCH31 for farm corporations. For more information on the tax credit, talk to your accountant or go to the Canada Revenue Agency website at www.cra-arc.gc.ca/sred/
Here are the 2010 eligibility percentages that have been calculated for various Saskatchewan crops:
| Canaryseed | 72% |
|---|---|
| Flax | 10.16% |
| Canola | 24% |
| Wheat | 74% |
| Barley | 69% |
| Pulses | 43% |
| Mustard | 33% |