Tax Credits

Eligible Flax Tax Credits

Investment Tax Credit (SR&ED) for Flax

Each year, Manitoba flax producers contribute check-off dollars to research and development and over the past year have again earned an eligible tax credit on their investment. The Scientific Research and Experimental Development (SR&ED) is a federal tax incentive program to encourage Canadians to conduct research and development in Canada that will lead to new, improved, or technologically advanced products or processes.

For the crop year ending July 31st, 2010 the SR&ED tax credit for Manitoba flax producers paying the check-off is 20%.

For the crop year ending July 31st, 2011 the SR&ED tax credit for Manitoba flax producers paying the check-off is 10%.

For the crop year ending July 31st, 2012 the SR&ED tax credit for Manitoba flax producers paying the check-off is 34%.

For the crop year ending July 31st, 2013 the SR&ED tax credit for Manitoba flax producers paying the check-off is 29%.

For the crop year ending July 31st, 2014 the SR&ED tax credit for Manitoba flax producers paying the check-off is 59%.

For the crop year ending July 31st, 2015 the SR&ED tax credit for Manitoba flax producers paying the check-off is 44%.

For the crop year ending July 31st, 2016 the SR&ED tax credit for Manitoba flax producers paying the check-off is 48%.

MFGA’s research projects use producers’ check-off dollars to leverage additional funds from industry sponsors and other agencies.

For more information on this tax credit, consult with your accountant or go to the Canada Revenue Agency website at: www.cra-arc.gc.ca/sred/