ISANS-Business Counselling

Your Business Counsellor provides one-on-one support before, during and after you open your business. Business counselling takes place at ISANS and continues at your place of business after start-up and during business growth. Your Business Counsellor helps you: Make informed decisions Identify available resources Build your professional networks Stay informed of business workshops and events Access free legal and/or accounting services if appropriate Create an action plan Connect with other business service providers, associations and organizations that can benefit you and your business Your Business Counsellor will also provide you with a copy of Connections – An Immigrant’s Guide to Starting a Business in Nova Scotia to help you understand business culture in Nova Scotia.

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New Small Business Tax Reduction

This deduction effectively eliminates the Nova Scotia corporate income tax for the first three taxation years of a new small business after incorporation. The corporation must apply each year to the Nova Scotia Minister of Finance and Treasury Board for a Nova Scotia Tax Deduction Eligibility Certificate. Eligibility requirements apply.

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Elizabete Dignan

902-424-0322

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Research and Development Tax Credit

This credit offers tax relief to Nova Scotia corporations that incur qualified scientific research and experimental development (SR&ED) expenditures made in Nova Scotia, as defined by the federal Income Tax Act. The credit is administered by Canada Revenue Agency (CRA) and is claimed in conjunction with federal SR&ED tax credits. The Nova Scotia credit should be claimed on Schedule 340 for taxation years 1998 and later. A 15 per cent rate is applicable to all corporations that incur SR&ED expenditures in Nova Scotia, regardless of size. Eligibility: This credit is based on qualified expenditures eligible for the federal SR&ED tax credit: R&D credit applicant is advised to prepare the federal SR&ED credit filing in preparation for the provincial credit – Federal credit is claimed on form T661 – Nova Scotia tax credit is claimed on schedule 340 of your Nova Scotia T2 form The federal credit rules are detailed and potential claimants are advised to review federal documentation regarding the SR&ED credit

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Scientific Research and Experimental Development Tax Incentive Program

Information about the Scientific Research and Experimental Development (SR&ED) Program, including what you need to know to claim SR&ED tax incentives.

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Tax Deductions TD1

TD1, Personal Tax Credits Return, is a form used to determine the amount of tax to be deducted from an individual’s employment income or other income, such as pension income. There are federal and provincial/territorial TD1 forms. Individuals complete the forms and give them to their employer or payer who should keep the completed forms with their records.

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