Farmers growing canola may qualify for a tax credit on their 2018 taxes.

The 17.43 per cent credit applies to growers who did not request a refund on their check-off to the Alberta Canola Producers Commission.

The check-off is a $1.00 per tonne service charge farmers pay when selling their canola, which the commission uses to fund initiatives like research, public engagement and resources for growers.

"This tax credit represents the portion of the check-off that went to eligible research projects that the producer in the end will benefit from", says the Commission's General Manager, Ward Toma.

Toma explains Revenue Canada only recognizes research at specific institutions for the tax credit, meaning the 17.43 per cent represents just over half of the total amount of research Alberta Canola has funded.

Individual producers must file a T2038 (IND) form and farm corporations must file a T2SCH31 to take advantage of this credit.

Toma encourages farmers to check with other crop commissions as they offer similar credits.

For more information, visit the Canada Revenue Agency website.

 

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