This program is a great opportunity for your business to receive financial support for your scientific research and experimental development (SR&ED) activities. By applying, you can claim a refundable tax credit of 10% on your qualified SR&ED expenditures, up to a limit of $3 million. This means you can get back a significant portion of your investment, helping you reinvest in your business.

What's in it for you?

• Refundable tax credit: Get 10% back on your SR&ED expenses, up to $3 million.
• Non-refundable tax credit: For expenses beyond the limit, claim a 10% credit that can be carried forward for 10 years or back three years.
• Flexibility: Use the credits to offset your tax liabilities, providing financial relief and supporting your business growth.

Applying is straightforward. Simply complete the British Columbia Scientific Research and Experimental Development Tax Credit (T666) form and submit it with your T2 Corporation Income Tax Return. This program is designed to be accessible, ensuring that qualifying businesses like yours can easily benefit from the financial support it offers.

Type of Financing: Tax Credit

Repayment Terms and Interest Rates:

• Refundable Tax Credit: 10% of the lesser of the corporation's SR&ED qualified B.C. expenditures for the tax year or the expenditure limit (generally $3 million).
• Non-Refundable Tax Credit: 10% of the corporation's SR&ED qualified B.C. expenditures for the year, minus the amount of its refundable credit for that year and any amount renounced for that year.
• The non-refundable credit can be carried forward for 10 years or back three years.

Eligible Expenses:

• Qualified SR&ED expenditures incurred in B.C. before September 1, 2027.

Ineligible Uses:

• Funds cannot be used for expenditures that do not qualify under the SR&ED guidelines.

Fees:

• No specific fees associated with claiming the tax credit. However, ensure to submit the required forms and documentation within the specified deadlines to avoid any issues.

This tax credit provides significant financial support for your business's research and development activities, helping you innovate and grow.

The program offers your business a 10% tax credit on your qualified scientific research and experimental development (SR&ED) expenses in British Columbia. If your business is a Canadian-controlled private corporation (CCPC), you can claim a refundable tax credit of up to $300,000 annually. This means you can get money back even if you don't owe taxes.

For expenses beyond the $3 million limit, or if your business doesn't qualify for the refundable credit, you can still claim a non-refundable tax credit. This credit can be carried forward for up to 10 years or back three years, giving you flexibility in managing your finances.

This tax credit can help you invest more in research and development, making your business more innovative and competitive. It can cover costs like salaries, materials, and overheads related to your R&D projects. This program is a valuable opportunity to reduce your tax burden and reinvest in your business's growth.