Type of Program:
The Nova Scotia Capital Investment Tax Credit (CITC) is a 15% refundable corporate income tax credit claimed by eligible corporations for capital equipment acquired for use in Nova Scotia on or after January 1, 2015. The capital equipment must be acquired as part of an "approved project".
The CITC is aligned, but not harmonized with, the federal government’s Atlantic Investment Tax Credit (AITC).
Comments on Funding:
Funding is 15% of the capital cost of "qualified property" acquired in a taxation year, with a maximum tax credit of $30 million per "approved project."
When It Ends:
The applicant must:
Applicant must submit a mandatory Part A application and receive an "eligibility certificate" before an application for the tax credit can be made.
Applicant must submit a Part B application for a tax credit certificate once he obtained the eligibility certificate and no later than 18 months following the end of the taxation year in which the qualified property was acquired. Multiple Part B application for tax credit certificates can be made since projects can run over a period of up to 5 years.
The applicant must submit the following documentation in support of his Part A application form:
The applicant must submit the following documentation in support of his Part B application form:
Other Things to Note:
New Guidelines were published in March 2022.