Canada: Innovation employment grants (Alberta)

Alberta-based companies may now be eligible for a new refundable tax credit.

Alberta-based companies may now be eligible for a new refundable tax credit.

The new innovation employment grant (effective 1 January 2021) in Alberta provides phased funding for qualifying small and medium-sized corporations.

Corporations that qualify for the grant could receive an amount equal to 8% of their base research and development (R&D) expenditures—calculated as the corporation's average qualifying R&D spending over the previous two years—and 20% of spending that is above that base amount.

Taxpayers may qualify for the grant on up to $4 million* in annual R&D spending.

Read a June 2021 report prepared by the KPMG member firm in Canada
 

*$=Canadian dollar

 

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