T1232 : Yukon research and development tax credit (individuals)

What’s in this article?

 

What is this?

The Yukon Research and Development (R&D) Tax Credit is a refundable credit claimable at 15% of eligible expenditures for scientific research and experimental development (SR&ED) carried out in this province. An additional 5% is available on amounts paid or payable to the Yukon College.

The Yukon R&D Tax Credit is refundable and any refund owed to you is made by cheque once Canada Revenue Agency (CRA) assesses your income tax return for the year. The tax credit must be claimed within 12 months after your filing due date for the tax year in which the expenses were made. The Yukon R&D will reduce any credits you have pooled in SR&ED expenditures and qualified SR&ED expenditures.

 

Am I eligible?

You are eligible for this tax credit if you were a Yukon resident on the last day of the tax year that you are claiming for, and if you had eligible expenditures for scientific research and experimental development carried out in Yukon during the year.

Eligible expenditures that qualify for the federal SR&ED tax credits are reduced by any government and non-government assistance received. The Yukon R&D Tax Credit will reduce any credits you have pooled in SR&ED expenditures and qualified SR&ED expenditures.

 

Where do I claim this?

Important: Before you begin, make sure you tell us that you lived in the YUKON on December 31st of the 2015 tax year, in H&R Block’s tax software. To do this:

  1. Click the HOME tab.
  2. Click the ABOUT YOU icon, and click the Your residence link. You will find yourself here:

Once you have confirmed your residence location, you can claim the Yukon Research and Development Tax Credit (for individuals) by following these steps:

  1. Click the PREPARE tab.
  2. Click the YOUR YEAR IN REVIEW icon. You will find yourself here:
  3. Click the checkbox labelled I was employed or I worked for myself and then select the province or territory of your self-employment.
  4. Scroll to the bottom of the page and click Continue.
  5. You will find yourself on the PREPARE tab, under the EMPLOYMENT icon.
  6. Under the EXPENSES heading, click the checkbox labelled Yukon research and development tax credit for individuals (T1232).
  7. Scroll to the bottom of the page and click Continue.

When you arrive at the page for the Yukon research and development tax credit for individuals (T1232), enter your information into the tax software.

 

Where can I learn more?