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 2017, producers may claim 26.61% of their levy contributions as a qualifying SR&ED expenditure on their federal tax return.
In addition, farm corporations may also claim 25.68% 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:
For information on the SR&ED tax credit for other Saskatchewan crops, please click on the links below:
- Canaryseed Development Commission of Saskatchewan
- Saskatchewan Barley Development Commission
- Saskatchewan Canola Development Commission
- Saskatchewan Flax Development Commission
- Saskatchewan Mustard Development Commission
- Saskatchewan Oat Growers Association
- Saskatchewan Pulse Growers
- Western Grains Research Foundation
Improving weed management for Saskatchewan growers
The program has been very successful over the past four years and has developed a solid relationship with industry and growers alike. This has led to sustained funding from industry for the herbicide efficacy research conducted by the program and it is expected to continue with this client base into the future.view all