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Sask Wheat has crunched the numbers and says registered wheat growers that paid their levy will see a significant increase in this year's investment tax credits.
Communications Manager Dallas Carpenter says this year, farmers can claim 67.3 per cent of their levy contributions under the Scientific Research and Experimental Development expenditure on their Federal Tax Return.
"The program gives registered wheat producers, in our case, access to investment tax credits by means of cash refunds or reductions to taxes payable for their levy contributions that are spent on qualifying research."
He notes for the 2020-2021 crop year which ended July 31, 2021 Sask Wheat committed $10.2 million to 50 research projects.
The SR&ED Program is a federal government program that encourages research and development by providing tax-based incentives.
Farm Corporations can claim 48.97 per cent of their levy under the Saskatchewan Research and Development Tax Credit Program.
More information, including links to federal and provincial tax forms for each program, can be found here.
Thu, Apr 25, 5:00 PM
Agriculture, Full-time