The Scientific Research and Experimental Development (SR&ED) Program is a federal tax incentive program designed to encourage Canadian businesses of all sizes and in all sectors to conduct research and development (R&D) in Canada. The program is administered by the Canada Revenue Agency (CRA), which delivers SR&ED tax incentives in a timely, consistent and predictable manner, while encouraging businesses to prepare their claims in compliance with Canada’s tax laws and the CRA’s policies and procedures.
Based on the Alberta Beekeepers Commission’s investment in research during our 2017/18 fiscal year, Eligible Producers are eligible to earn a federal tax credit of 22.2% on that percentage of your combined colony fee and membership fee on your tax return for 2018.
There is also an Alberta SR&ED tax credit. Alberta Scientific Research and Experimental Development (SR&ED) tax credit program, which provides a refundable tax credit to qualified corporations that incur eligible expenditures in respect of SR&ED activities carried out in Alberta. Eligible Producers are eligible to a federal tax credit of 17% on that percentage of your combined colony fee and membership fee on your tax return for 2018.
Additionally, any Eligible producer who files taxes in Saskatchewan, are eligible to earn a tax credit of 5% on that percentage of your combined colony fee and membership fee.
Producers that have requested and received a refund of their colony fee are not eligible to claim the SRED tax credit.
For those of you who have not previously filed taxes using the SRED credit, please contact your accountant on how to take advantage of this tax credit in your tax returns.