WINNIPEG, MB, March 10, 2016 – Canola farmers in Manitoba who are members of the Manitoba Canola Growers Association (MCGA) qualify for a tax credit for the 2015 tax year.
The Scientific Research and Experimental Development (SR&ED) tax credit allows canola farmers to claim the tax credit for that portion of the check off paid that was used to fund qualifying research.
“Producers are entitled to obtain taxable benefits on canola check-off deductions that are used to support Research & Development,” says Chuck Fossay, chair, MCGA Research Committee. “For the MCGA, only part of our R & D qualifies for the tax credits due to CRA regulations. Current approved R & D facilities in Canada are Universities and the government agricultural research centres.”
The rate for Manitoba canola producers in 2015 is 5.66 per cent. For example, an individual farmer that paid $100.00 in check off to the MCGA in 2015 has earned $5.66 toward the tax credit.
MCGA is committed to maximizing net income for Canola farmers through sustainable production.
For more information please visit www.canolagrowers.com.
About Manitoba Canola Growers Association:
The Manitoba Canola Growers Association (MCGA) represents approximately 8,500 farmers in Manitoba that grow canola. MCGA uses the canola check off dollars for “seed money” to grow the future. Every dollar spent is leveraged at the local, national, and international levels, and studies show that every dollar invested by growers results in an impressive return on investment. MCGA is committed to maximizing net income for canola farmers through sustainable production. For more information visit www.canolagrowers.com or follow us on Twitter @CanolaGrowers.
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Manitoba Canola Growers