Schedule 340, Nova Scotia Research and Development Tax Credit

A corporation with a permanent establishment in Nova Scotia that made eligible expenditures for scientific research carried out in Nova Scotia qualifies for this credit. The credit is 15% of qualified expenditures and reduces Nova Scotia tax otherwise payable. Any remaining balance will be refunded.

The program calculates and transfers the amount of the credit claimed to line 566 of Schedule 5.

The CRA Schedule 340 is also used to calculate the recapture of the Nova Scotia R&D tax credit.

Schedule 340 can also be used to show a credit allocated to a corporation that is a member of a partnership or a beneficiary under a trust.