Checkoff money paid to the Alberta Canola Producers Commission in 2009 will yield a slightly smaller tax credit for the eligible scientific research it funds.
The commission on Monday announced that the federal Scientific Research and Experimental Development (SR+ED) tax credit available on the ACPC’s canola checkoff for the 2009 tax year is 13.72 per cent, down from 18.95 per cent in the 2008 tax year.
Thus, for example, if an individual grower paid $100 in checkoff to the ACPC in 2009, $13.72 of that is eligible to earn an SR+ED tax credit on the grower’s income tax form.
Read Also
U.S. grains: Corn rebounds from contract lows on short covering, bargain buying
Bargain buying and short covering lifted U.S. corn futures on Monday after the market slid to contract lows on expectations for strong U.S. output, traders said.
Individual growers have 17.5 months and Canadian-controlled private corporations have 18 months after Dec. 31, 2009 to file, the ACPC said.
Individual growers claiming that portion of the checkoff must file a T2038 (IND) form, the commission said. Farm corporations, meanwhile, must file form T2SCH31.
The credit can go to reduce federal taxes owing, be received as a refund, or be carried back three years or forward up to 10, to offset federal taxes owing.
The commission on Tuesday also announced its new executive, including a new chairman, Kevin Bender, who farms at Bentley, about 35 km northwest of Red Deer. Bender, who replaces retiring ACPC chairman Kevin Auch of Carmangay, is also currently president of the Western Canadian Wheat Growers Association.
Jody Klassen of Mayerthorpe, re-elected in ACPC region 6, is the canola commission’s vice-chair. Lee Markert of Vulcan and Marlene Caskey of Oyen are the commission’s newly elected directors for regions 9 and 12 respectively.
The commission’s board has also appointed Raymond Blanchette of Falher to represent ACPC region 3 for one year, for lack of nominations in that region at the commission’s recent annual meeting.
