Farmers growing canola may qualify for a tax credit on their 2018 taxes.

The 17.43 per cent credit applies to growers who did not request a refund on their check-off to the Alberta Canola Producers Commission.

The check-off is a $1.00 per tonne service charge farmers pay when selling their canola, which the commission uses to fund initiatives like research, public engagement and resources for growers.

"This tax credit represents the portion of the check-off that went to eligible research projects that the producer in the end will benefit from", says the Commission's General Manager, Ward Toma.

Toma explains Revenue Canada only recognizes research at specific institutions for the tax credit, meaning the 17.43 per cent represents just over half of the total amount of research Alberta Canola has funded.

Individual producers must file a T2038 (IND) form and farm corporations must file a T2SCH31 to take advantage of this credit.

Toma encourages farmers to check with other crop commissions as they offer similar credits.

For more information, visit the Canada Revenue Agency website.

 

Send your news tips, story ideas and comments to [email protected]

Follow on Twitter @GoldenWestABAg @JessicaR_Giles

More Ag News

Considerations When Shopping For Your Next Bull

Beef producers are looking for their new herd sires this time of year. Beef Cattle Research Council (BCRC) Research and Innovation Coordinator, Stacey Domolewski, says there's no one type of bull…

Corteva Agriscience Acquires Clearfield Canola In Canada And U.S.

Corteva Agriscience, Agriculture Division of DowDuPont, announced that it has acquired the Clearfield Canola Production System in Canada and the United States from BASF. Clearfield canola is a…

Canadian Government Invests In Animal Welfare

On Tuesday, Agriculture and Agri-Food Minister Lawrence MacAulay announced an investment of up to $4.56 million to the Canadian Animal Health Coalition. The investment was made on behalf of the…

Reframing The Conversation Around Antibiotics

Farmers need to reframe the conversation on the use of antibiotics in animal agriculture. That from Dr. Leah Dorman with Phibro Animal Health. "I think it's important because there is a lot of…

Fourth Generation Rancher Runs For NDP In Livingstone-Macleod

The NDP has their candidate for the Livingstone-Macleod Riding, and it's not the usual candidate they normally run here. M.D. of Ranchland Reeve Cam Gardner has tossed his hat into the ring for the…

Improving Sprayer Efficiency

Farmers are spending 33 per cent of their time in the sprayer idling, 22 per cent in transport and only about 45 per cent of their time actually spraying. That from Tom Wolf from Agrimetrix Research…

Nutrien Ag Solutions Wins 4R Nutrient Stewardship Award

Nutrien Ag Solutions was recognized last week with the fifth annual 4-R Nutrient Stewardship Agri-Retailer Award. The award is given out each year during the Canadian Association of Agri-Retailers…

Wage Support For Employing Young People On Farms This Summer

The Alberta Government is helping farmers give youth work experience in agriculture this summer. The Summer Farm Employment Program reimburses employers 50 per cent of wages, or $500 per month, from…

HighRiverOnline.com is High River's only source for community news and information such as weather and classifieds.

Search the Biz Guide

Login