New Small Business Tax Deduction
Amount:
No Fixed Amount
Type of Program:
Tax Credit
Description:
Nova Scotia corporate tax reduction for new small businesses is a tax reduction that applies to the first three tax years of an eligible corporation.
Comments on Funding:
New small businesses have their first three years income tax reduced. The tax reduction is based on the portion of an eligible corporation's taxable income earned in the year in Nova Scotia.
When It Ends:
Ongoing
Deadline:
Rolling Deadline
Eligibility:
Applicants must:
Application Steps:
Applicants must:
Applicants must file their corporate income tax return and Schedule 341 with the Canada Revenue Agency (CRA).
Applicants must complete the application form (applicants can apply annually for up to 3 years).
Applicants must include their company's corporate income tax return for the relevant taxation year (including Schedule 341).
Applicants must send the completed application and supporting documents by email to the New Small Business Tax Deduction Administrator.
Applicants must adjust their corporate income tax return to claim the New Small Business Tax Deduction after they get their Eligibility Certificate.
Applicants can apply at the end of each of their corporation's first 3 tax years or they can apply for up to 3 years after their corporation's year end for the specified tax years.
Documentation Needed:
The applicant must submit:
Other Things to Note:
Page last updated 2019-08-13 - Source 1
Date modified: 2022-09-26 - source 2
