News
April 4, 2023
Canary seed producers eligible for tax credits
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 the 2021-22 year ending July 31, 2022, Canary seed producers may claim 60 per cent of their checkoff contributions as a qualifying SR&ED expenditure on their federal tax return.
In addition, farm corporations may also claim 52 per cent of their levy contributions as a qualifying expenditure towards the Saskatchewan Research and Development Tax Credit program.
The tax credit percentages are based on the amount the Canary Seed Development Commission of Saskatchewan has invested in eligible research and development.
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
Producers that have requested a refund of their levy are not eligible for either tax credit.