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Newfoundland and Labrador Research and Development Tax Credit (Newfoundland and Labrador R&D tax credit)

by Maurice | February 5, 2023

Amount:

No Fixed Amount

Type of Program:

Tax Credit


Description:

The Newfoundland and Labrador R&D tax credit is administered by the Canada Revenue Agency and is fully refundable at the rate of 15% of eligible expenditures. It is available to taxpayers, including corporations and individuals, beneficiaries of a trust, and members of a partnership, with a permanent establishment in Newfoundland and Labrador, for scientific research and experimental development (SR&ED) carried out in this province.

Comments on Funding:

Funding is 15% of eligible expenditures.
The Newfoundland and Labrador R&D tax credit will reduce the federal pool of deductible SR&ED expenditures and qualified SR&ED expenditures.
 


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be taxpayers, including corporations and individuals, beneficiaries of a trust, and members of a partnership,
  • have a permanent establishment in Newfoundland and Labrador,
  • carry out scientific research and experimental development (SR&ED) in this province and incur expenditures that are eligible for the federal Scientific Research and Experimental Development tax credits..

Application Steps:

No specific steps have been identified.

Documentation Needed: 

To claim this tax credit, applicants must complete:

  1. 1
    T2SCH301 Newfoundland and Labrador Research and Development Tax Credit, if they are corporations,
  2. 2
    T1129 Newfoundland and Labrador Research and Development Tax Credit, if they are individuals.

Other Things to Note:

Date modified: 2022-03-17 - Source 1

Program Contact:

Research and development (R&D) tax credit

Scientific Research and Experimental Development Tax Credit

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About Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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