Tax Credit for the 2023 Tax Year Available for Canola Growers

Feb 13, 2024

The Scientific Research and Experimental Development (SR&ED) tax credit rate for canola growers in Alberta is 12.49 percent for 2023.

The SR&ED enables canola growers to claim a tax credit for the portion of their service charge payment that was used to fund qualifying research. Growers who request a refund of their service charge are ineligible to claim the SR&ED tax credit.

Alan Hampton, the Chair of Alberta Canola’s research committee, emphasizes the added value for growers contributing to the canola service charge. “Farmers can recover a portion of their dollars invested by the Commission in research through the SR&ED tax credit.” Hampton adds, “Alberta Canola does a great job to partner on projects and stretch our research budget to address challenges like blackleg and clubroot disease management, as well as monitoring insect pests for susceptibility and resistance to insecticides.”

For example, an individual grower that paid a service charge of $1000 to Alberta Canola in 2023, will be eligible to claim a $124.90 tax credit.

THE TAX CREDIT CAN:

offset federal taxes owing in the current year,
be received as a tax refund,
be carried forward up to 20 years to offset federal taxes owing, or
be carried back 3 years to reduce federal taxes paid in those years.

Individual producers must file a T2038 (IND), while farm corporations are required to file a T2SCH31 form. For additional details, growers are encouraged to reach out to the Canada Revenue Agency or consult their accountants.

Click here to see more...

Video: Four Great Reasons to Love Canola

Canola oil is healthy, versatile, takes the heat and is Canadian! Canola oil is grown for you by 43,000 farmers in Canada.

** Why should I buy and use Canola Oil? **

Canola oil is your local choice for oil. Grown right here in Canada! Canola oil is the best blend of fats for good health. Canola oil is low in saturated fat and contains zero trans fat and cholesterol. Canola oil is a source of omega-6 which is important for the brain and essential for the growth and development of infants. Canola oil is also high in omega-3 fat which helps to protect against heart attacks and strokes. Canola oil is high in monounsaturated fats, which reduce the risk of coronary heart disease.

** When and where can I use canola oil? **

Basically, you can use canola oil to replace any type of oil in any recipe and here’s why… For the Health of it! With the lowest amount of saturated fat of any leading oil in your supermarket, it also contains a good amount of heart-healthy monounsaturated fat and omega-3 fatty acid it is an excellent choice for a healthy kitchen.

For the Heat of it! Boasting a high smoke point of 242C (468F) it is an excellent choice when doing high heat frying or deep frying. For the Taste of it!

Generally speaking, canola oil has a very mild or neutral flavour making it an excellent carrier for other ingredients in your dish. It allows for seasonings to shine and for key ingredients to be showcased. However, if you are looking for an oil to pack a punch you should try out a cold-pressed canola oil. Cold-pressed canola oil packs flavour and is excellent for bread dips, salad dressings or a quick drizzle to finish a dish for a great presentation.

*Yes, even to replace a solid fat!

Did you know you can make some of your favourite recipes even healthier by replacing solid fats with canola oil? Not only do you make the type of fat in the recipe healthier you also decrease the caloric content of the recipe because you will decrease the amount of fat needed. Basically, anytime a recipe calls for a solid fat to be melted you can replace it with canola oil.