Choosing to invest in research with the STEPS research program could make your company eligible for thousands in tax credits from both the Governments of Canada and Saskatchewan.
Federally, tax credits are granted through the Scientific Research and Experimental Development (SR&ED) Tax Incentive Program:
- A federal tax incentive program, administered by the Canada Revenue Agency (CRA), that encourages Canadian businesses of all sizes, and in all sectors to conduct research and development (R&D) in Canada.
- The largest single source of federal government support for industrial R&D.
- Industry participants will need to examine requirements for the credit carefully
Qualifications for the program are available at the Canada Revenue Agency site at:
In Saskatchewan, the Saskatchewan Petroleum Research Initiative outlines the benefits to investing in research in Saskatchewan, including credits towards the remission of royalties and taxes calculated based on:
- 50% of eligible research costs directly involving the Petroleum Technology Research Centre in Regina (to a maximum of $1 million per project), and
- 30% of any remaining costs directly involving the PTRC and all other eligible research costs (to a maximum of $3 million per project)
The SPRI was established to help increase the capacity in Saskatchewan to conduct EOR research, and the PTRC specifically has been targeted to maximize your remissions on paying royalties. For more information on the SPRI download this file, or visit the Ministry of Energy and Resources website at: