SR&ED Investment Tax Credit for Registered Wheat Producers
The Scientific Research and Experimental Development (SR&ED) Program is a federal government program that encourages research and development by providing tax-based incentives.
By using levy contributions to finance research and development work that benefits Saskatchewan wheat producers, Sask Wheat is able to participate in this program and distribute these tax-based incentives to producers.
The program gives registered wheat producers access to investment tax credits (by means of cash refunds and/or reduction to taxes payable) for their levy contributions that are spent on qualifying research.
For 2016, producers may claim 19.07% of their levy contributions as a qualifying SR&ED expenditure on their federal tax return.
In addition, farm corporations may also claim 17.55% of their levy contributions as a qualifying expenditure towards the Saskatchewan Research and Development Tax Credit program. This credit may be claimed by filing form T2SCH403.
Producers that have requested a refund of their levy are not eligible for either tax credit.
More information about the Scientific Research and Experimental Development (SR&ED) Tax Incentive Program may be obtained from the Canada Revenue Agency:
More information about the Saskatchewan Research and Development Tax Credit is available from the Government of Saskatchewan:
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