SaskBarley Announces 2021 SR&ED Rates
For the crop year ending July 31, 2021, producers may claim 45.9% 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 23.1% 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.