Pulse growers are advised that Investment in Research through pulse check-off is eligible for a tax credit.
The Scientific Research and Experimental Development (SR&ED) tax credit can be earned on the portion of the producer's check-off contribution that was paid to an approved research entity.
The table below signifies the reported pulse check-off that was deducted from a producer's cash ticket and is eligible for the tax credit. The pulse check-off funds have made a significant impact into the development of new high yielding disease resistant edible beans, field peas and other pulses.
|
Year-ended
|
Determined %
|
|
Fiscal Year Ended 2002-03
|
37.5%
|
|
Fiscal Year Ended 2003-04
|
13%
|
|
Fiscal Year Ended 2004-05
|
25%
|
|
Fiscal Year Ended 2005-06
|
20%
|
|
Fiscal Year Ended 2006-07
|
17 %
|
|
Fiscal Year Ended 2007-08
|
14.3 %
|
Individuals have 17.5 months from the end of their fiscal year to apply retroactively. Producers are eligible to claim up to a maximum of 20% for non-incorporated farm operations and up to a maximum of 35% for incorporated operations of the determined percentage.
The SR&ED tax credit application form can be downloaded directly from the Canada Customs and Revenue Agency website at www.ccra.gc.ca/sred. Individual producers need form T2038 and Canadian controlled private corporations need from T2SCH. Please consult with your accountant when completing the tax credit application form.