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Feb 21

Barley farmers can claim 7 per cent SR&ED credit on their 2018 taxes

Posted on Feb 21 By: Victoria Decker

Barley farmers paying the Alberta Barley check-off are eligible for a tax credit through the Scientific Research & Experimental Development (SR&ED) program for their investment in Alberta Barley-funded research. The rate for the 2018 tax year is 7 per cent.

Alberta Barley funds research aimed at breeding for higher yield, better disease resistance, improved agronomic performance and better end-use quality.

The federal SR&ED program encourages R&D investment through tax-based incentives, giving claimants tax credits for their expenditures on eligible R&D work. The tax credit percentage is based on the amount invested in R&D that meets the criteria laid out by the Canada Revenue Agency (CRA).

Farm individuals should use form T2038 (IND) to claim this credit when filing their taxes while farm corporations must use form T2SCH31.

For more information, contact the Canada Revenue Agency directly, or visit the CRA website.

Producers who have requested a refund of their check-off are not eligible for the tax credit.

For more information, please contact:
Syeda Khurram
CFO and HR Director
Alberta Wheat and Barley Commissions
skhurram@Albertawheatbarley.com
403-219-6264

Media contact:
Victoria Decker
Communications Manager
Alberta Wheat and Barley Commissions
vdecker@albertawheatbarley.com
403-219-7906

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