| Story
Posted: February 04, 2009
Tax Credit for the 2008 Tax Year Open to Saskatchewan
Canola Producers
CANOLA GROWERS IN SASKATCHEWAN that do not request
a refund of their levy from the Saskatchewan Canola Development
Commission (SaskCanola) qualify for a tax credit for the 2008 tax year.
The Scientific Research and Experimental Development
(SR&ED) tax credit allows registered canola producers to claim
the tax credit for that portion of the levy paid that was used
to fund qualifying research.
The rate for Saskatchewan canola producers in
2008 is 18.8 percent. For example, for an individual grower that
paid $100 in check off to the SaskCanola in 2008, $18.80 is eligible
to earn the tax credit.
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
< Back to main
Latest News & Events page |