Table C4 – SR&ED Tax Credits | Raymond Chabot Grant Thornton

2024¹	Eligible Persons	Credit Rate	Refund Rate²
Federal	CCPC	35% of the first $3M³ in eligible expenditures	100%
	CCPC	15% of excess	40% for eligible corporations⁴
	Other corporations	15%	0%
	Individuals	15%	40%
Quebec⁵	Canadian-controlled corporations	30% of the first $3M in eligible expenditures⁶ 14% of excess	100%
Quebec⁵	Other corporations and individuals	14%	100%
Ontario⁷	Corporations (Ontario R&D Tax Credit)	3.5%	0%
Ontario⁷	Corporations (Ontario Innovation Tax Credit)	8% of the first $3M⁸ in eligible expenditures	100%
New Brunswick	Corporations	15%	100%

Ceilings are based on the preceding year and applicable to the group of associated corporations. Alberta, British Columbia, Manitoba, Newfoundland and Labrador, Nova Scotia, Saskatchewan and Yukon also have SR&ED credits.
Unused credits may be carried back three years or forward 20 years.
The ceiling is progressively eliminated when taxable capital used in Canada is between $10M and $50M.
0% if taxable income is greater than $500,000 or when the taxable capital used in Canada exceeds $50M (or other conditions).
An excluded expenditures threshold varying from $50,000 to $225,000 applies annually, based on total asset value in the previous year for the claiming corporation only. Other credits offered in Quebec: tax credit for university research or research carried out by a public research centre or a research consortium, tax credit for private partnership pre-competitive research and tax credit for fees and dues paid to a research consortium.
The $3M ceiling is reduced by the excluded expenditures threshold. Rate gradually decreases from 30% to 14% when the world assets of the group are between $50M and $75M.
Other credit offered in Ontario: the Ontario Business Research Institute Tax Credit.
The ceiling is progressively eliminated when taxable income is between $500,000 and $800,000 or taxable capital used in Canada is between $25M and $50M.

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Table C4 – SR&ED Tax Credits