Tax credit for canola growers

Feb 9, 2024 | 4:17 PM

Alberta Canola says canola producers are eligible for a 12.49 per cent Scientific Research and Experimental tax credit for the 2023 tax year.

Farmers pay a service charge and can get this credit for any money from that service charge that goes towards funding qualifying research.

Those producers who got a refund on their service charge are not eligible.

Alberta Canola says in a release that this tax credit can be used to offset taxes for the current year, be part of a refund, carried forward for up to 20 years to reduce taxes or carried back three years to reduce taxes.