Here at SR&ED Education and Resources, we are always looking for ways to inform our readers about potential SR&ED. Did you know that if you are paying (non-refunded) service fees (i.e. levy or check-off) to an eligible third-party organization, you may be eligible for the SR&ED tax credit for the service fee payments?
SR&ED and Agriculture: Hidden Tax Credits from Levy and Check-Off
We recently published a new page titled “SR&ED and Agriculture: Hidden Tax Credits from Levy and Check-Off“.
On this page, you will find information regarding the potential SR&ED tax credits available to growers who pay into a levy or check-off. Links and examples of the forms (T2038(IND), T2SCH31, and T2SCH403) required to apply for SR&ED tax credits are located on the page, as well as, current and past tax rates for various crops. The tax rates change annually, please check with your professional agricultural organization on the most current rates.
The page also includes information and links on Alberta, Saskatchewan, and Manitoba professional agricultural organizations and provincial tax credits (where available). The provincial tax rates for crops change annually, please check with your professional agricultural organization if you have any questions on the current tax rate available.
Growers may qualify for additional tax credits other than those for their paid levy and check-off fees. This page does not describe all SR&ED tax credits which may be available. If you have any questions about what SR&ED tax credits for which you qualify please reach out to your tax advisor, SR&ED consultant, or contact us directly!