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

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

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