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Research and Development Tax Credit

by Maurice | February 1, 2023

Amount:

No Fixed Amount

Type of Program:

Tax credit


Description:

The Research and Development Tax Credit offers tax relief to 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. 

Comments on Funding:

A 15% rate is applicable to all corporations that incur SR&ED expenditures in Nova Scotia, regardless of size. Refunds are available to corporations that incur qualified SR&ED expenditures in Nova Scotia where the corporation has or would have taxable income allocated to the Province, The refund amount is equal to the amount of the credit in excess of tax otherwise payable under the Nova Scotia Income Tax Act.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must conduct qualified scientific research and experimental development (SR&ED) in Nova Scotia.

Application Steps:

1

is advised to prepare the federal SR&ED credit filing in preparation for the provincial credit (Federal credit is claimed on form T661); 

2

must claim the Nova Scotia tax credit on schedule 340 of his/her Nova Scotia T2 form.

Documentation Needed: 

Applicants must submit the Nova Scotia T2 form.

Other Things to Note:

The credit is administered by Canada Revenue Agency (CRA) and is claimed in conjunction with federal SR&ED tax credits. 

Program Contact:

Nova Scotia Depatment of Finance - Research and Development Tax Credit

Related posts:

Nova Scotia Small Business: Complete Guide for Entrepreneurs
How to Start a Business in Nova Scotia (2023): Step-by-Step Guide for New Entrepreneurs
Incorporating a Business in Nova Scotia: Step-by-Step Guide for New Entrepreneurs
How to Register a Business in Nova Scotia: Step-by-Step Guide for New Entrepreneurs

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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