Saskatchewan R&D Tax Credit
SK, Canada
R&D tax credit for corporations in Saskatchewan
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grant_single|eligibleFinancing
- grant_single|maxCount
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- grant_single|timelineUnspecified
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Tax Credits
grant_single|eligibleIndustries
- Professional, scientific and technical services
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- Government of Saskatchewan
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grant_card_status|open
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Get a refundable tax credit of 10% on qualifying research and development expenditures, up to $1 million per year.
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The Saskatchewan Research and Development (R&D) Tax Credit supports private-sector R&D investment in Saskatchewan and includes qualifying expenditures by corporations. It provides refundable and non-refundable tax credits based on qualifying R&D expenditures.
- Eligible R&D expenditures by Saskatchewan Canadian-controlled private corporations (CCPCs) up to $1 million.
- Non-refundable R&D tax credits for qualifying expenditures exceeding the annual limit.
- Non-refundable R&D tax credits for qualifying expenditures by other corporations.
grant_single|admissibleProjectsExample
$1,000,000
Saskatoon
Developing a new AI-driven agricultural monitoring system to optimize crop yields.
$1,000,000
Regina
Creating an innovative water purification system using nanotechnology for rural communities.
$1,000,000
Prince Albert
Developing a new eco-friendly packaging material to reduce plastic waste.
$1,000,000
Lloydminster
Researching renewable energy sources for remote northern communities.
$1,000,000
Moose Jaw
Innovative recycling system development for reducing construction waste.
$1,000,000
North Battleford
Development of a telemedicine platform to improve healthcare access in rural areas.
grant_single_labels|admissibility
The Saskatchewan Research and Development (R&D) Tax Credit encourages private-sector R&D investment in Saskatchewan. It offers a 10% refundable tax credit for eligible Canadian-controlled private corporations (CCPCs) up to $1 million in annual expenditures, and a 10% non-refundable tax credit for other qualifying expenditures.
- Qualifying R&D expenditures by Saskatchewan Canadian-controlled private corporations (CCPCs) are eligible for a 10% refundable R&D tax credit for the first $1 million annual qualifying expenditures made on or after April 1, 2017
- Qualifying R&D expenditures in excess of the annual limit, as well as qualifying expenditures by other corporations, are eligible for a 10% non-refundable R&D Tax Credit
- The total refundable and non-refundable R&D Tax Credits that may be claimed by a corporation are limited to $1 million per year
grant_eligibility_criteria|who_can_apply
Eligible companies for the Saskatchewan R&D Tax Credit are those engaging in qualifying R&D expenditures within the province. Only Saskatchewan Canadian-controlled private corporations (CCPCs) and other corporations that qualify can benefit from this tax credit.
- Saskatchewan Canadian-controlled private corporations (CCPCs)
- Other corporations with qualifying R&D expenditures
grant_eligibility_criteria|eligible_expenses
Qualifying R&D expenditures are eligible for this grant.
- Qualifying R&D expenditures by Saskatchewan Canadian-controlled private corporations (CCPCs)
- Qualifying R&D expenditures in excess of the annual limit
- Qualifying expenditures by other corporations
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The eligible geographic zone for this grant is Saskatchewan. The grant is available for corporations incurring qualifying R&D expenditures in Saskatchewan.
- Saskatchewan
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- Step 1: Determine If You Qualify
- Ensure your corporation is a Saskatchewan Canadian-controlled private corporation (CCPC) or another type of corporation operating in Saskatchewan.
- Verify if your R&D expenditures qualify for the tax credit.
- Step 2: Calculate Your Eligible Expenditures
- Calculate the total of your qualifying R&D expenditures.
- Track the first $1 million annual qualifying expenditures separately for Saskatchewan CCPCs.
- Step 3: Complete Schedule 403
- Obtain Schedule 403 from the Canada Revenue Agency (CRA).
- Accurately fill out Schedule 403 with your qualifying R&D expenditures and corresponding tax credits.
- Step 4: File Annual Saskatchewan Corporate Income Tax Return
- Attach the completed Schedule 403 to your annual Saskatchewan corporate income tax return.
- Submit the tax return and Schedule 403 to CRA within the filing deadlines.
- Step 5: Monitor Claim Status
- Track the status of your claim with CRA.
- Maintain documentation and records of your R&D activities in case of audits or further inquiries.
grant_single_labels|otherInfo
The Saskatchewan Research and Development (R&D) Tax Credit is aimed at incentivizing private-sector R&D investments in Saskatchewan. The tax credit applies to qualifying R&D expenditures by corporations in Saskatchewan.
- Saskatchewan Canadian-controlled private corporations (CCPCs) can claim a 10% refundable R&D tax credit for the first $1 million annual qualifying expenditures made on or after April 1, 2017.
- Qualifying R&D expenditures exceeding the annual limit, along with those by other corporations, are eligible for a 10% non-refundable R&D Tax Credit.
- The total refundable and non-refundable R&D Tax Credits that may be claimed by a corporation are capped at $1 million per year.
- Tax Credit legislation is detailed in Section 63.4 of The Income Tax Act, 2000.
- To claim the tax credit, corporations need to complete Schedule 403 from the Canada Revenue Agency (CRA) and submit it along with their annual Saskatchewan corporate income tax return.
grant_single_labels|contact
306-787-6722
Apply to this program
Saskatchewan Research and Development (R&D) Tax Credit
The Saskatchewan Research and Development (R&D) Tax Credit incentivizes private sector R&D investment within Saskatchewan by offering a 10% tax credit on eligible expenditures. Canadian-controlled private corporations (CCPCs) can claim up to $1 million in refundable and non-refundable tax credits annually for qualifying R&D costs.
Comprehensive Guide to the Saskatchewan Research and Development (R&D) Tax Credit
Introduction
In an effort to foster innovation and economic growth, the Government of Saskatchewan offers the Research and Development (R&D) Tax Credit. This initiative is designed to encourage private-sector investment in research and development within Saskatchewan. By providing financial incentives to corporations, the program aims to stimulate technological advancements, enhance productivity, and ultimately contribute to the province’s economic development.
Who is Eligible?
The Saskatchewan R&D Tax Credit is available to corporations that incur qualifying R&D expenditures in Saskatchewan. Specifically, this tax credit is intended for firms operating within the private sector. For Canadian-controlled private corporations (CCPCs), the first $1 million of qualifying R&D expenditures made on or after April 1, 2017, will be eligible for a 10% refundable R&D tax credit. Expenditures exceeding this annual threshold, as well as expenditures by other corporations, will qualify for a 10% non-refundable R&D tax credit. Overall, the total refundable and non-refundable R&D tax credits that can be claimed by a corporation are capped at $1 million annually.
Eligible Expenses
The term "qualifying R&D expenditures" encompasses a wide range of costs associated with research and development. Typically, these expenditures may include:
- Salaries and wages of employees engaged in R&D activities
- Materials and supplies used for R&D
- Overhead costs directly attributable to R&D projects
- Contracted R&D services
- Cost of machinery, equipment, and software used for R&D
Claiming the Tax Credit
To claim the R&D Tax Credit, corporations must complete Schedule 403, which can be obtained from the Canada Revenue Agency (CRA). This completed schedule should be submitted to the CRA alongside the annual Saskatchewan corporate income tax return. Ensuring the accuracy and thoroughness of the information provided is crucial in order to receive the full tax credit entitlement.
Application Process
- Obtain Schedule 403: Visit the Canada Revenue Agency’s (CRA) website to download Schedule 403.
- Record Qualifying Expenditures: Accumulate all relevant documentation and records of your R&D expenditures.
- Complete Schedule 403: Fill out the required information on Schedule 403, detailing your qualifying R&D expenditures.
- Submit Schedule 403: Attach the completed Schedule 403 to your annual Saskatchewan corporate income tax return and submit it to the CRA.
Benefits of the R&D Tax Credit
The Saskatchewan R&D Tax Credit offers several benefits that make it a valuable tool for corporations engaged in research and development:
- Financial Incentives: By offsetting some of the costs associated with R&D activities, the tax credit can significantly reduce a corporation’s financial burden.
- Encourages Innovation: The program stimulates technological advancements and innovations, fostering a more competitive and dynamic economic environment.
- Supports Economic Growth: By investing in R&D, corporations contribute to the overall economic progress of Saskatchewan, enhancing productivity and creating new job opportunities.
Additional Resources and Support
For corporations seeking assistance with the Saskatchewan R&D Tax Credit, there are several resources available:
Corporations can also reach out to the Taxation and Intergovernmental Affairs Branch for additional support. For any queries, the contact information is as follows:
Taxation and Intergovernmental Affairs Branch
Phone: 306-787-6722
Mailing Address: 9th Floor, 2350 Albert Street, Regina, SK, S4P 4A6
Conclusion
The Saskatchewan Research and Development (R&D) Tax Credit is a powerful incentive designed to encourage private-sector R&D investment in the province. By providing financial support for qualifying expenditures, the program not only eases the financial burden of corporations engaged in R&D but also stimulates innovation and contributes to Saskatchewan’s economic growth. Corporations interested in this tax credit should ensure that they fully understand the eligibility criteria, compile accurate documentation of their R&D expenditures, and follow the proper application procedures to maximize their benefits.
