TAX CREDITS
Saskatchewan’s growers have access to tax-based incentives for financially contributing to research and development.
Your Benefits
Contributions to research and development work allow us to give back to you in a variety of ways, including tax incentives for your contributions to the check-off. Producers that have requested a refund of their check-off are not eligible for tax incentives.
SR&ED Investment Tax Credit
The Scientific Research and Experimental Development (SR&ED) Program encourages research and development by providing tax-based incentives.
Because we use your check-off contributions to finance research and development work that benefits Saskatchewan wheat, we’re able to distribute these incentives to you!
How It Works
- The program gives registered wheat producers access to investment tax credits for levy contributions that are spent on qualifying research.
- Investment tax credits may be claimed by filing Form T2038 (IND) for farm individuals or T2SCH31 for farm corporations.
- These tax credits are returned by means of cash refunds and/or reductions to taxes payable.
SR&ED Tax Credit: 2023
For the crop year ending July 31, 2023, producers may claim 81.03% of their levy contributions as a qualifying SR&ED expenditure on their federal tax return.
In addition, farm corporations may claim 53.52% of their levy contributions as a qualifying expenditure towards the Saskatchewan Research and Development Tax Credit program. This credit may be claimed by filing form T2SCH403.
Previous Sask Wheat SR&ED credits
Federal Provincial 2015-16 19.07% 17.55% 2016-17 26.61% 25.68% 2017-18 21.25% 18.11% 2018-19 28.92% 20.74% 2019-20 38.33% 23.95% 2020-21 67.93% 48.97% 2021-22 79.85% 55.27%
