Investment and Innovation Tax Credit (C3i)
In March 2020, the Quebec provincial government introduced the Investment and Innovation Tax Credit, also known as C3i, as part of its budget. The C3i was designed to replace previous investment and innovation tax credits, offering more favorable rates and wider eligibility. Qualified corporations can receive a credit of up to 20% for investing in specific property between March 10, 2020, and 2025.
The 2021 provincial budget further improved the C3i by temporarily increasing its rate to as much as 40% for particular acquisitions made after March 25, 2021.
What can be claimed:
Eligible taxpayers can claim the C3i on the following “specified property”:
- Computer hardware
- Manufacturing and processing equipment
- Management software packages
- Other property used primarily in smelting, refining or hydrometallurgical activities of ores extracted from a mineral resource located in Canada (other than ores from a gold or silver mine).
Tax credits for scientific research and experimental development (R&D)
An R&D (Research and Development) tax credit is a government incentive designed to encourage innovation, technological advancements, and economic growth by providing tax relief to companies engaged in research and development activities. This tax credit allows companies to offset some of the costs associated with their R&D efforts, such as salaries, materials, and equipment.
R&D tax credits can be refundable or non-refundable, depending on the specific program and jurisdiction. Refundable tax credits allow companies to receive cash payments if their tax credits exceed their tax liability, while non-refundable tax credits can only be used to offset tax liability.
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