Research Tax Credits
Producers who paid a levy to SaskOilseeds and did not request a refund are eligible for tax credits for their investment in canola and/or flax funded research and development projects.
Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
For the 2024 crop/tax year, 27.6% of canola producers’ levy is eligible for the federal SR&ED tax credit (by means of cash refunds and/or reduction to taxes payable). The tax credit percentage is based on the dollar amount SaskOilseeds has invested in R&D that meets the criteria laid out by the Canada Revenue Agency (CRA).
The program gives registered canola producers access to investment tax credits (by means of cash refunds and/or reduction to taxes payable) for their levy contributions that are spent on qualifying research.
Investment tax credits may be claimed by filing form T2038(IND) for farm individuals or T2SCH31 for farm corporations.
Saskatchewan Research and Development (SR&D) Tax Credit Program
In addition, farm corporations may also claim 18.3% of their canola levy contributions as a qualifying expenditure towards the SR&D tax credit program for the 2024 crop/tax year.
This credit may be claimed by filing form T2SCH403.