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Provincial Research and Development Tax Credits

Canadian SR&ED program is one of the more generous tax-incentive programs for corporations performing research and development. The Canada Revenue Agency (CRA) offers tax credit incentives and refunds for companies that perform Research and Development in Canada. If you are developing new technology, improving existing technology, products or processes, you could be eligible to receive tax credits or cash refunds under the SR&ED program. Consult with us today at 1 587 200 4163, for more info, visit the website https://canadiansred.ca/book-a-review/

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Provincial Research and Development Tax Credits

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  1. Provincial Research and Development Tax Credits If your production in Scientific Research and Experimental Development requires financing then SR&ED tax credit in Canada is the best way to improve or develop new technology, products and processes. In order to finance your credits, you need to qualify and must satisfy the rules set by the Canada Revenue Agency (CRA).

  2. Canada Revenue Agency (CRA) The Canada Revenue Agency is the revenue service of the Government of Canada. The CRA issues a number of important government programs, which are important to the economic and social well-being of Canadians. The CRA collects taxes, issues tax law and policy, and delivers benefit programs and tax credits for the federal government and most provincial and territorial governments.

  3. Alberta SR&ED Any corporation with a permanent set-up in Alberta that is involved in SR&ED is qualified for the federal SR&ED tax credit. It is refundable at 10% on up to $4 million in eligible expenditure. Ontario SR&ED Companies based in Ontario can take advantage of several different tax credits: •OITC - Refundable at the rate of 10% •OBRITC - Refundable at 20% of eligible expenses. •ORDTC - Refundable at 4.5% •Ontario Transitional Tax Debits and Credits

  4. British Columbia SR&ED The British Columbia SR&ED tax credit is refundable at 10% of the eligible expenditure for Canadian Controlled Private Corporations (CCPCs). Corporations which may or may not be part members of partnerships residing in British Columbia performing SR&ED are qualified to claim the BC SR&ED tax credit.

  5. Manitoba SR&ED Corporations performing SR&ED in Manitoba are qualified to claim the federal SR&ED tax credit. The rate is 15% on eligible expenses. Newfoundland & Labrador SR&ED Any individual, corporation, trust or partnership is qualified to claim 15% of the eligible expenses performing SR&ED in Newfoundland and Labrador.

  6. Before filing the claim on your own, it is essential to consult with an authorized, credible, and experienced tax consultant. Canadian SR&ED Solutions is always here to help you! Contact us today! Here is the contact detail: Phone:+1 587 200 4163 Email: info@canadiansred.ca Website: https://canadiansred.ca/ Facebook: @canadiansred

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