(February 24, 2010) Saskatchewan flax producers invest their check-off dollars in scientific research and development, and this year have again earned an eligible tax credit on their investment.

For the 2009 tax year, the Scientific Research and Experimental Development (SR&ED) tax credit is available to producers at a rate of 7.17%.

As producers know, our research projects use producers’ check-off dollars to lever additional monies from industry sponsors and other funding agencies.

Tax credits available for crops in Saskatchewan:

SaskFlax will post additional rates available for other commodities as the information becomes available.

This investment may be used to offset federal tax carried back up to three years or, if no taxes are owing, may be refunded.

For more information on this tax credit, consult your accountant or go to the Canada Customs and Revenue Agency website at: www.ccra.gc.ca/sred