Research Tax Credits
Canola producers who paid a levy to SaskCanola and did not request a refund are eligible for tax credits for their investment in SaskCanola funded research and development projects.
Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
For the 2023 crop/tax year, 29% of producers' levy is eligible for the federal SR&ED tax credit (by means of cash refunds and/or reduction to taxes payable). The tax credit percentage is based on the dollar amount SaskCanola has invested in R&D that meets the criteria laid out by the Canada Revenue Agency (CRA).
The program gives registered canola producers access to investment tax credits (by means of cash refunds and/or reduction to taxes payable) for their 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.
Get more information about the Scientific Research and Experimental Development (SR&ED) Tax Incentive Program on the Government of Canada website.
Saskatchewan Research and Development (SR&D) Tax Credit Program
In addition, farm corporations may also claim 20.1% of their levy contributions as a qualifying expenditure towards the SR&D tax credit program for the 2023 crop/tax year.
This credit may be claimed by filing form T2SCH403.
Get more information about the Saskatchewan Research and Development Tax Credit on the Saskatchewan Government website.
*Note: Producers that have requested a levy refund are not eligible for either tax credit.