The Scientific Research and Experimental Development (SR&ED) Program is a federal government program which aims to encourage research and development by providing tax-based incentives.
By using producer levy contributions to finance research and development work that benefits Saskatchewan barley producers, SaskBarley is able to participate in this program and distribute these tax-based incentives to producers.
The program gives registered barley 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.
2023 Rates
For the crop year ending July 31, 2023, producers may claim 30.8% of their levy contributions as a qualifying SR&ED expenditure on their federal tax return.
Investment tax credits may be claimed by filing form T2038 (IND) for farm individuals or T2SCH31 for farm corporations.In addition, farm corporations may also claim 17.7% of their levy contributions as a qualifying expenditure towards the Saskatchewan Research and Development Tax Credit program. This credit may be claimed by filing form T2SCH403.
Producers that have requested a refund of their levy are not eligible for either tax credit.
More information about the SR&ED
For information on the SR&ED tax credit for other Saskatchewan crops, please visit the websites of the respective commissions.
Producers that have requested a refund of their levy are not eligible for either tax credit.