Newfoundland and Labrador Research and Development Tax Credit (Newfoundland and Labrador R&D tax credit) (formerly: Research and Development Tax Credit)

By mmuise
Description:

The Newfoundland and Labrador R&D tax credit is administered by the Canada Revenue Agency and is fully refundable at the rate of 15% of eligible expenditures. It is available to taxpayers, including corporations and individuals, beneficiaries of a trust, and members of a partnership, with a permanent establishment in Newfoundland and Labrador, for scientific research and experimental development (SR&ED) carried out in this province.


Comments on Funding:

Funding is 15% of eligible expenditures.
The Newfoundland and Labrador R&D tax credit will reduce the federal pool of deductible SR&ED expenditures and qualified SR&ED expenditures.

Deadline: Rolling deadline
Eligibility:

Applicants must:

  • be taxpayers, including corporations and individuals, beneficiaries of a trust, and members of a partnership,
  • have a permanent establishment in Newfoundland and Labrador,
  • carry out scientific research and experimental development (SR&ED) in this province and incur expenditures that are eligible for the federal Scientific Research and Experimental Development tax credits.
Application Steps:

No specific steps have been identified.

Documentation Needed:

To claim this tax credit, applicants must complete:
1. T2SCH301 Newfoundland and Labrador Research and Development Tax Credit, if they are corporations, 2. T1129 Newfoundland and Labrador Research and Development Tax Credit, if they are individuals.

Other Things to Note:

Date modified: 2023-08-28

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mmuise