Canada Revenue Agency manages the Manitoba R&D tax credit.
Available to: Corporations established in Manitoba performing SR&ED and are qualified to claim the federal SR&ED tax credit. The rate is 15% on eligible expenses till April 11, 2017. And after that 7.5% is refundable, the remaining is non-refundable. But for expenses incurred performing R&D under contracts with qualifying institutes the tax credit is completely refundable.
The deadline to claim the credit: one year after the corporation’s filing due date.
Carryback and carryforward: The non refundable tax credits can be carried back 3 years or forward 20 years for tax years ending after 2005.
Assistance: The federal pool of deductible and eligible SR&ED credit will be cut down by the Manitoba R&D tax credit.
Recapture: Not required
Potential to renounce: Corporations have the liberty to renounce the right to Manitoba R&D tax credits on eligible expenses performed in a tax year up to one year after filing due date. It should be also be renounced before or on the firm’s tax year end.
(Research and development (R&D) tax credit and the funding is in addition to the federal SR&ED program)
(This information is correct as at 31 March, 2019)
Manitoba region is served through our office in Calgary
Canadian SR&ED Solutions
Suite # 1901 - First Alberta Place
777 - 8 Avenue SW