Nova Scotia Research and Development Tax Credit (Nova Scotia R&D Tax Credit)

Amount:

No Fixed Amount

Type of Program:

Tax Credit

Description:

The Nova Scotia R&D tax credit offers tax relief o Nova Scotia corporations that incur qualified scientific research and experimental development (SR&ED) expenditures made in Nova Scotia, as defined by the federal Income Tax Act. It is fully refundable at the rate of 15% of eligible expenditures.

Comments on Funding:

Funding is 15% of eligible expenditures.
Eligible expenditures are reduced by government and non-government assistance, but not the Nova Scotia R&D tax credit. The Nova Scotia 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:

Applicants must:

be corporations,
be corporations that are beneficiaries of a trust,
be corporations that are members of a partnership,
have a permanent establishment in Nova Scotia,
carry out scientific research in Nova Scotia.

Application Steps:

No specific steps have been identified.

Documentation Needed:

Applicants must:

1
claim the Nova Scotia R&D tax credit in conjunction with federal SR&ED tax credits.
2
fill in form T661 to claim the Federal credit and schedule 340 of their Nova Scotia T2 form to claim the Nova Scotia tax credit.

Other Things to Note:

Date modified: 2022-03-17 - Source 2

Program Contact:

Nova Scotia Department of Finance - R & D Tax Credit

Summary of Provincial and territorial research & development