The Wes tern Grains Research Foundat ion is reminding producers that they are eligible for the Scientific Research and Experimental Development (SR&ED) tax credit on their checkoff investments.
The tax credit percentages in 2010 are 74 per cent for wheat and 69 per cent for barley.
The tax credit is earned at a rate of 20 per cent for individuals and 35 per cent for corporate producers that are Canadian-controlled private corporations (CCPC).
Producers who choose to opt out of the program are not eligible for the tax credit.
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The percentages above are calculated by looking at the amount of the checkoff dollars spent directly on research; this is then determined to be the eligible portion. Each checkoff organization may vary, as they will have their own eligible percentage.
Wheat example: If a producer contributed $300 in 2010, the el igible amount would be calculated by taking 74 per cent (the wheat percentage) of the $300 = $222.
If the producer files taxes as an individual they would take the $222 and would earn 20 per cent of this amount as a tax credit = $44.40.
For producers who file as a corporation, they would earn 35 per cent of the $222 as a tax credit = $77.70
Producers can visit the WGRF website at www.west erngrains.com for more information.
