|By Marketwired .||
|February 24, 2014 02:49 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 02/24/14 -- Alberta barley farmers who did not request a refund of their check-off dollars will qualify for a 2013 Scientific Research and Experimental Development (SR&ED) tax credit.
"We are very appreciative of farmers for trusting us with their check-off dollars," said Alberta Barley Chairman Matt Sawyer. "The work we do to grow farmers' profitability would not be possible without their buy-in and support."
The SR&ED tax credit allows farmers to claim the portion of their check-off dollars used to fund research. The rate for the 2013 tax year is 13 per cent.
"We invest in research that provides tangible and practical results," said Sawyer. "As an added bonus for Alberta's barley farmers, 13 per cent of the money that they've invested through check-off dollars is eligible to earn this tax credit."
Due to a recent legislative change at the Canada Revenue Agency, the claim for SR&ED expenditures is restricted to 80 per cent. In previous years, 100 per cent of such payments were eligible, which accounts for the decrease from 15 per cent in 2012 to 13 per cent in 2013.
To learn more about the program, visit the Canada Revenue Agency website at http://www.cra-arc.gc.ca/txcrdt/sred-rsde/menu-eng.html.