Manufacturing and Processing Investment Tax Credit
Corporations that invest in capital property for use in qualified activities in Newfoundland and Labrador can claim a credit of 10% of the capital cost of eligible property to reduce Newfoundland and Labrador tax otherwise payable and in some cases may be refunded a portion of the credit.
Offered by Department of Finance
Amount
Credit of 10% of the capital cost of eligible property; CCPCs may receive a refund of the unused amount, up to 40% of the total manufacturing and processing tax credit
Quick eligibility check
Who can apply
Applicants must:
- be corporations with a permanent establishment in Newfoundland and Labrador;
- have all qualified property eligible for the Atlantic Investment Tax Credit that is:
a) located in Newfoundland and Labrador;
b) acquired for use in the course of a business operating in Newfoundland and Labrador;
c) Does not include Qualified Resource Property.
About the funding
Corporations that invest in capital property for use in qualified activities in Newfoundland and Labrador can claim a credit of 10% of the capital cost of eligible property to reduce Newfoundland and Labrador tax otherwise payable and in some cases may be refunded a portion of the credit.
Refundable
Canadian Controlled Private Corporations (CCPC) may be able to receive a refund of any amount not applied to reduce tax payable, up to 40% of the total manufacturing and processing tax credit.
Carry forward/back
Show all funding details
Any provincial credit not applied or refunded in the current taxation year, may be applied to reduce Newfoundland and Labrador tax payable in any of the next 20 years, or any of the preceding three years, but cannot be applied to a taxation year that ends before April 7, 2022.
All qualified property eligible for the Atlantic Investment Tax Credit that is
- Located in Newfoundland and Labrador
- Acquired for use in the course of a business operating in Newfoundland and Labrador,
- Does not include Qualified Resource Property
Claimed through the Canada Revenue Agency on your corporate tax return.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Green Technology Tax Credit (GTTC) | Tax Credit | A credit equal to 20% of the capital cost of eligible equipment, refundable up to 40% of the total GTTC | Open |
| Investment Tax Credits (ITC) for Qualified Property | Tax Credit | The ITC rate for qualified property is 10% of the cost of acquiring qualified property (capital cost first reduced by any government or non-government assistance received or receivable) | Open |
| Accelerated Investment Incentive | Tax Credit | no fixed amount | Open |
| Air Quality Improvement Tax Credit | Tax Credit | no fixed amount | Open |
