Deductions For Grain Farmers
Grain farmers are members of many different R&D organizations in Canada, through checkoffs deducted from grain cheques. For instance, in Saskatchewan province alone, there are 10 different organizations that collect checkoffs from the sale of crops.
When looking for deductions in grain cheques, the following tips will come in handy:
Find Out More
It is worth noting that you do not need to pay a fee or sign up for a membership card. When an organization takes your checkoff, you automatically become their member. You should ensure that you go to their informative meetings and read the newsletters so as not to miss on important knowledge.
Take an Active Role
The fact that there are so many organizations means that you could aim to take on a leadership position and get involved in key decisions. Voice your opinion on R&D projects that should be prioritized. After all, you are entitled to having your viewpoint heard.
Claim the SR&ED Tax Credit
Research spending can benefit from the CRA’s Scientific Research & Experimental Development Tax Incentive Program. If you are engaging in activities that support R&D and you keep records of your work, you may be eligible for a significant tax credit. Take pride in your activities and achievements, as this kind of development can really boost the economy.
Funding Research Is A Good Investment
While you are free to back out of the checkoff system at any point, it is worth noting that having interest and actively getting involved in the funding of research convinces governments and other backers to invest more. When farmers are willing to invest their own funds, the government will be more willing to chip in and help. The benefits from the government, especially when it comes to R&D, are immense.
It would, therefore, be prudent to take a look at the list of organizations that are collecting levies from your grain cheques and then actively get involved to reap the benefits.
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