News
March 12, 2019
Canary Seed producers eligible for 17 per cent tax credit
The Scientific Research and Experimental Development (SR&ED) tax credit is a federal government program that encourages research and development by providing tax-based incentives.
For 2018, registered canary seed producers may claim 17% of their checkoff contributions as a qualifying SR&ED expenditure on their federal tax return.
The tax credit percentage is based on the amount the Canary Seed Development Commission of Saskatchewan has invested in research and development that meets the criteria laid out by the Canada Revenue Agency (CRA).
The percentage is reduced for 2018 due to some major research invoices that did not arrive until after the fiscal year end. These expenditures will boost the SR&ED available for 2019.
More information on the SR&ED program is available from Canada Revenue Agency: www.canada.ca/en/revenue-agency/services/scientific-research-experimental-development-tax-incentive-program.html