This program is designed for businesses like yours that are involved in scientific research and experimental development (SR&ED). By applying, you can benefit from a 15% tax credit on qualified SR&ED expenditures in Nova Scotia. This credit is available regardless of your company's size, making it an excellent opportunity for any corporation engaged in R&D.

Why should you apply?

• Tax Relief: Reduce your tax burden significantly with the 15% credit.
• Refunds: If your tax credit exceeds your Nova Scotia tax payable, you can receive a refund for the excess amount.
• Ease of Claiming: The process is straightforward. Simply claim the federal SR&ED credit on form T661 and the Nova Scotia credit on Schedule 340 of your T2 form.

What's in it for you?

• Financial Support: This credit can free up funds for further investment in your R&D projects.
• Competitive Edge: Lowering your tax liability allows you to reinvest in innovation, giving your business a competitive advantage.
• Accessibility: The program is designed to be accessible, with clear guidelines and support from the Canada Revenue Agency.

Applying for this program can provide your business with the financial boost it needs to continue innovating and growing.

Type of Financing: Tax Credit

Repayment Terms and Interest Rates:

• This is a tax credit, so there are no repayment terms or interest rates.

Eligible Expenses:

• Qualified scientific research and experimental development (SR&ED) expenditures made in Nova Scotia.
• Must align with the federal SR&ED tax credit guidelines.

Use of Funds:

• The funds can be used to offset Nova Scotia corporate income tax payable.
• Any excess credit amount can be refunded if it exceeds the tax payable.

Restrictions on Use of Funds:

• The funds cannot be used for expenses that do not qualify under the SR&ED guidelines.

Fees:

• There are no fees associated with claiming this tax credit.

This program offers a 15% tax credit for your business if you spend money on scientific research and experimental development (SR&ED) in Nova Scotia. This means you can get back 15% of what you spend on qualifying research and development activities.

Here’s how it works:

• If your business spends money on SR&ED, you can claim this credit on your Nova Scotia tax return.
• The credit is refundable, meaning if the credit amount is more than what you owe in taxes, you get the difference back as a refund.

Benefits for your business:

• Save money on taxes by getting a portion of your R&D expenses back.
• Boost innovation by investing in new technologies or processes without bearing the full financial burden.
• Improve cash flow with potential refunds, helping you reinvest in your business.

This program is a great way to support your business’s growth and innovation while reducing your tax liability.

1. Gather Necessary Documentation: Prepare the following documents to support your application:

• Federal SR&ED credit filing (Form T661)
• Nova Scotia tax credit claim (Schedule 340 of your Nova Scotia T2 form)
• Detailed records of SR&ED expenditures
• Financial statements
• Business registration details

2. Complete Federal SR&ED Credit Filing: Fill out Form T661 for the federal SR&ED tax credit. This form will be used as a basis for your provincial claim.

3. Fill Out Nova Scotia Tax Credit Claim: Complete Schedule 340 on your Nova Scotia T2 form to claim the provincial SR&ED tax credit.

4. Review Federal Documentation: Ensure you understand the federal rules and guidelines for SR&ED credits. This will help you accurately complete your forms and maximize your credit.

5. Submit Your Application: Send your completed forms and supporting documents to the Canada Revenue Agency (CRA) Taxation Centre.

6. Monitor Application Status: Keep track of your application status and be prepared to provide additional information if requested by the CRA.

7. Receive Refund: If your tax credit exceeds the Nova Scotia tax payable, you will receive a refund for the excess amount.