Saskatchewan R&D Tax Credit
SK, Canada
R&D tax credit for corporations in Saskatchewan
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- grant_single|timelineUnspecified
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Tax Credits
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- Professional, scientific and technical services
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- Government of Saskatchewan
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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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This grant is specifically available for private-sector R&D investment within Saskatchewan. The geographical eligibility is confined to the location of the qualifying R&D expenditures within Saskatchewan.
- Corporations operating and incurring qualifying R&D expenditures within the province of Saskatchewan.
grant_single|admissibleProjectsExample
$1,000,000
Researching renewable energy sources for remote northern communities
$1,000,000
Developing a new AI-driven agricultural monitoring system to optimize crop yields
$1,000,000
Developing a new eco-friendly packaging material to reduce plastic waste
$1,000,000
Innovative recycling system development for reducing construction waste
$1,000,000
Creating an innovative water purification system using nanotechnology for rural communities
$1,000,000
Development of a telemedicine platform to improve healthcare access in rural areas
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Eligibility for the Saskatchewan Research and Development (R&D) Tax Credit is determined by specific criteria related to the type of expenditures and corporation.
- The applicant must be a corporation incurring qualifying R&D expenditures in Saskatchewan.
- Saskatchewan Canadian-controlled private corporations (CCPCs) are eligible for a 10% refundable R&D tax credit for the first $1 million of qualifying expenditures annually.
- Other corporations and expenditures exceeding the annual limit are eligible for a 10% non-refundable R&D tax credit.
- The total refundable and non-refundable R&D Tax Credits claimed by a corporation must not exceed $1 million per year.
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The Saskatchewan R&D Tax Credit targets corporations that incur qualifying R&D expenditures in Saskatchewan. Key eligibility points include:- Canadian-controlled private corporations (CCPCs) can apply for a refundable 10% tax credit for the first $1 million of qualifying expenditures annually.- Other corporations and expenditures over $1 million are eligible for a non-refundable 10% tax credit.- The total tax credit, refundable and non-refundable, is capped at $1 million annually for each corporation.Hence, the primary eligibility is tied to the corporation's registration and R&D spending within Saskatchewan.
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This grant targets private-sector investment in research and development within the province of Saskatchewan. It supports qualifying R&D expenditures by Canadian-controlled private corporations.
- Research and development activities focusing on scientific or technological advancements.
- Projects that involve innovative product or process development.
- Initiatives aimed at improving efficiency and effectiveness in existing technological systems.
- Collaborative research projects with academic or research institutions.
- Prototyping and testing of new technologies.
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The grant focuses on expenditures directly related to R&D activities in Saskatchewan.
- Qualifying R&D expenditures incurred by Saskatchewan Canadian-controlled private corporations (CCPCs).
- Qualifying R&D expenditures in excess of the annual limit for CCPCs.
- Qualifying R&D expenditures incurred by other corporations in Saskatchewan.
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Here are the steps to submit an application for the Saskatchewan Research and Development (R&D) Tax Credit:
- Step 1: Determine Eligibility
- Verify if your corporation qualifies as a Saskatchewan Canadian-controlled private corporation (CCPC) for the refundable tax credit.
- Ensure that your R&D expenditures are qualifying expenditures as per the tax credit guidelines.
- Step 2: Complete CRA Schedule 403
- Obtain Schedule 403 from the Canada Revenue Agency (CRA).
- Fill out Schedule 403 with details of your qualifying R&D expenditures.
- Step 3: Prepare Corporate Income Tax Return
- Prepare your annual Saskatchewan corporate income tax return and incorporate Schedule 403.
- Step 4: Submit Tax Return
- Submit the completed Schedule 403 along with your corporate income tax return to the CRA.
- Ensure submission is done before the tax filing deadline to claim the tax credit.
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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
Enhance Your R&D Efforts with the Saskatchewan Tax Credit
The Saskatchewan Research and Development (R&D) Tax Credit offers financial incentives for corporations engaged in qualified R&D activities within the province. This initiative aims to stimulate private-sector investment in innovation and technology development by providing significant tax benefits to businesses.
Understanding the Saskatchewan R&D Tax Credit and Its Role in Innovation
The Saskatchewan R&D Tax Credit is a compelling initiative designed to bolster the innovation ecosystem within the province by encouraging substantial investment in research and development activities. Aimed at corporations operating within Saskatchewan, this tax credit offers a dual incentive structure, providing both refundable and non-refundable tax benefits depending on the corporation's status and level of expenditure. For Canadian-controlled private corporations (CCPCs), the program outlines a 10% refundable tax credit applicable to the first $1 million of annual qualifying R&D expenditures incurred post-April 1, 2017. This provision not only reduces the financial burden of R&D for smaller firms but also stimulates innovation by making additional resources available for future projects.
Corporations exceeding the said threshold or non-CCPC entities can still leverage the program's benefits through a 10% non-refundable tax credit on their qualifying expenditures. This inclusion ensures that larger corporations and diverse business types can participate in the thriving R&D landscape of Saskatchewan, thereby fostering a comprehensive approach to innovation and economic growth within the region. It's significant to note that this layered tax credit system is steered by legislation under Section 63.4 of The Income Tax Act, 2000, and requires the completion and submission of CRA Schedule 403 alongside the corporate income tax return to claim these benefits.
The strategic focus of this tax credit program underscores the imperative to boost Saskatchewan’s research capabilities, diversify its economic base, and augment the region’s competitive edge at both national and global scales. By financially supporting groundbreaking projects, the Saskatchewan government not only provides a solid foundation for sustainable growth but also aligns economic policies with dynamic market needs. Such governmental support catalyzes advancements in technology, enhances operational efficiencies, and triggers a multiplier effect in local economies – outcomes that reverberate across communities, benefiting various stakeholders in a symbiotic loop of success.
Moreover, the Saskatchewan R&D Tax Credit illustrates the province’s commitment to nurturing a robust, innovative culture that thrives on collaborative enterprise and industry-driven solutions. Businesses involved in cutting-edge research, particularly those targeting emerging sectors such as biotechnology, information technology, and renewable energy, find an attractive landscape in Saskatchewan bolstered by these tax incentives. The ripple effects of this support are far-reaching, augmenting not only the direct beneficiaries but also the suppliers, employees, and communities engaged in the value chain of these research endeavors.
As corporations plan their fiscal strategies and align them with potential tax advantages, the R&D Tax Credit serves as a pivotal tool, enhancing return on investment and ensuring that businesses of all sizes can contribute meaningfully to the province’s development goals. The Saskatchewan R&D Tax Credit stands as a testament to leveraging fiscal policies for broader socio-economic gains, emphasizing that when the public and private sectors join forces through thoughtful initiatives, the opportunities for economic innovation are vast and impactful.
This strategic governmental intervention not only propels immediate financial relief for companies engaging in R&D but also strengthens the long-term framework for innovation policy in Saskatchewan. With these tax credits, corporations are better positioned to push the boundaries of their research capabilities, scale their operations internationally, and enhance their technological offerings, crafting a resilient and competitive environment for future generations to thrive.
