Form T2 Schedule 31 "Investment Tax Credit - Corporations (2019 and Later Tax Years)" - Canada

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Download Form T2 Schedule 31 "Investment Tax Credit - Corporations (2019 and Later Tax Years)" - Canada

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Clear Data
Schedule 31
Code 1901
Investment Tax Credit – Corporations
Protected B
when completed
(2019 and later tax years)
General information
• Use this schedule:
– to calculate an investment tax credit (ITC) earned during the tax year
– to claim a deduction against Part I tax payable
– to claim a refund of credit earned during the current tax year
– to claim a carryforward of credit from previous tax years
– to transfer a credit following an amalgamation or the wind-up of a subsidiary, as described under subsections 87(1) and 88(1)
– to request a credit carryback to one or more previous years
– if you are subject to a recapture of ITC
– if you are claiming:
– the Ontario Research and Development Tax Credit
– the Ontario Innovation Tax Credit
• Unless otherwise stated, all legislative references are to the Income Tax Act and the Income Tax Regulations.
• The ITC is eligible for a three-year carryback (if not deductible in the year earned). It is also eligible for a twenty-year carryforward.
• Investments or expenditures, described in subsection 127(9) and Regulation Part XLVI, that currently earn an ITC are:
– qualified property and qualified resource property (Parts 4 to 7 of this schedule)
– qualified scientific research and experimental development (SR&ED) expenditures (Parts 8 to 17). File Form T661, Scientific Research
and Experimental Development (SR&ED) Expenditures Claim
– pre-production mining expenditures (Part 18)
– You can no longer claim the ITC for the pre-production mining expenditures. Only unused credits that have not expired can be carried forward
for up to 20 tax years following the tax year in which you made the investment.
– apprenticeship job creation expenditures (Parts 19 to 21)
– child care spaces expenditures (Parts 22 to 26)
– Expenditures related to child care spaces incurred after March 21, 2017 no longer qualify for the ITC. However, if you entered into a written
agreement before March 22, 2017, eligible expenditures incurred before 2020 remain eligible for the credit.
• File this schedule with the T2 Corporation Income Tax Return. If you need more space, attach additional schedules.
• For more information on ITCs, see "Investment Tax Credit" in Guide T4012, T2 Corporation – Income Tax Guide and read Information Circular IC78-4,
Investment Tax Credit Rates, and its related Special Release.
• For more information on SR&ED, see guide T4088, Scientific Research and Experimental Development (SR&ED) Expenditures Claim – Guide to
Form T661.
Detailed information
• For the purpose of this schedule, investment means the capital cost of the property (excluding amounts added by an election under section 21),
determined without reference to subsections 13(7.1) and 13(7.4), minus the amount of any government or non-government assistance that the corporation
has received, is entitled to receive, or can reasonably be expected to receive for that property at the time it files the income tax return for the year in which
the property was acquired.
• An ITC deducted in a tax year for a depreciable property, other than a depreciable property deductible under paragraph 37(1)(b), reduces both the capital
cost of that property and the undepreciated capital cost of that class in the next tax year. An ITC for SR&ED deducted or refunded in a tax year will reduce
the balance in the pool of deductible SR&ED expenditures and the adjusted cost base (ACB) of an interest in a partnership in the next tax year. An ITC from
pre-production mining expenditures deducted in a tax year reduces the balance in the pool of deductible cumulative Canadian exploration expenses in the
next tax year.
• Property acquired has to be available for use before a claim for an ITC can be made. See subsections 127(11.2) and 248(19) for more information.
• Expenditures for SR&ED qualifying for an ITC must be identified by the claimant on Form T661 and Schedule 31 no later than 12 months after the
claimant's income tax return is due for the tax year in which it incurred the expenditures.
• Expenditures for apprenticeship or child care space for an ITC must be identified by the claimant on Schedule 31 no later than 12 months after the
claimant's income tax return is due for the tax year in which it incurred the expenditures or capital costs.
• Partnership allocations – Subsection 127(8) provides for the allocation of the amount that may reasonably be considered to be a partner's share of
the ITCs of the partnership at the end of the fiscal period of the partnership. An allocation of ITCs is generally considered to be the partner's
reasonable share of the ITCs if it is made in the same proportion in which the partners have agreed to share any income or loss and if section 103 is
not applicable for the agreement to share any income or loss. Special rules apply to specified members of a partnership and limited partners.
For more information, see Guide T4068, Guide for the Partnership Information Return (T5013 Forms).
• For tax purposes, Canada includes the exclusive economic zone of Canada as defined in the Oceans Act (which generally consists of an area of the sea
that is within 200 nautical miles from the Canadian coastline), including the airspace, seabed and subsoil of that zone.
• For the purpose of this schedule, the expression Atlantic Canada includes the Gaspé Peninsula and the provinces of Newfoundland and Labrador, Prince
Edward Island, Nova Scotia, and New Brunswick, as well as their respective offshore regions (prescribed in Regulation 4609).
(Ce formulaire est disponible en français.)
T2 SCH 31 E (19)
Page 1 of 13
Clear Data
Schedule 31
Code 1901
Investment Tax Credit – Corporations
Protected B
when completed
(2019 and later tax years)
General information
• Use this schedule:
– to calculate an investment tax credit (ITC) earned during the tax year
– to claim a deduction against Part I tax payable
– to claim a refund of credit earned during the current tax year
– to claim a carryforward of credit from previous tax years
– to transfer a credit following an amalgamation or the wind-up of a subsidiary, as described under subsections 87(1) and 88(1)
– to request a credit carryback to one or more previous years
– if you are subject to a recapture of ITC
– if you are claiming:
– the Ontario Research and Development Tax Credit
– the Ontario Innovation Tax Credit
• Unless otherwise stated, all legislative references are to the Income Tax Act and the Income Tax Regulations.
• The ITC is eligible for a three-year carryback (if not deductible in the year earned). It is also eligible for a twenty-year carryforward.
• Investments or expenditures, described in subsection 127(9) and Regulation Part XLVI, that currently earn an ITC are:
– qualified property and qualified resource property (Parts 4 to 7 of this schedule)
– qualified scientific research and experimental development (SR&ED) expenditures (Parts 8 to 17). File Form T661, Scientific Research
and Experimental Development (SR&ED) Expenditures Claim
– pre-production mining expenditures (Part 18)
– You can no longer claim the ITC for the pre-production mining expenditures. Only unused credits that have not expired can be carried forward
for up to 20 tax years following the tax year in which you made the investment.
– apprenticeship job creation expenditures (Parts 19 to 21)
– child care spaces expenditures (Parts 22 to 26)
– Expenditures related to child care spaces incurred after March 21, 2017 no longer qualify for the ITC. However, if you entered into a written
agreement before March 22, 2017, eligible expenditures incurred before 2020 remain eligible for the credit.
• File this schedule with the T2 Corporation Income Tax Return. If you need more space, attach additional schedules.
• For more information on ITCs, see "Investment Tax Credit" in Guide T4012, T2 Corporation – Income Tax Guide and read Information Circular IC78-4,
Investment Tax Credit Rates, and its related Special Release.
• For more information on SR&ED, see guide T4088, Scientific Research and Experimental Development (SR&ED) Expenditures Claim – Guide to
Form T661.
Detailed information
• For the purpose of this schedule, investment means the capital cost of the property (excluding amounts added by an election under section 21),
determined without reference to subsections 13(7.1) and 13(7.4), minus the amount of any government or non-government assistance that the corporation
has received, is entitled to receive, or can reasonably be expected to receive for that property at the time it files the income tax return for the year in which
the property was acquired.
• An ITC deducted in a tax year for a depreciable property, other than a depreciable property deductible under paragraph 37(1)(b), reduces both the capital
cost of that property and the undepreciated capital cost of that class in the next tax year. An ITC for SR&ED deducted or refunded in a tax year will reduce
the balance in the pool of deductible SR&ED expenditures and the adjusted cost base (ACB) of an interest in a partnership in the next tax year. An ITC from
pre-production mining expenditures deducted in a tax year reduces the balance in the pool of deductible cumulative Canadian exploration expenses in the
next tax year.
• Property acquired has to be available for use before a claim for an ITC can be made. See subsections 127(11.2) and 248(19) for more information.
• Expenditures for SR&ED qualifying for an ITC must be identified by the claimant on Form T661 and Schedule 31 no later than 12 months after the
claimant's income tax return is due for the tax year in which it incurred the expenditures.
• Expenditures for apprenticeship or child care space for an ITC must be identified by the claimant on Schedule 31 no later than 12 months after the
claimant's income tax return is due for the tax year in which it incurred the expenditures or capital costs.
• Partnership allocations – Subsection 127(8) provides for the allocation of the amount that may reasonably be considered to be a partner's share of
the ITCs of the partnership at the end of the fiscal period of the partnership. An allocation of ITCs is generally considered to be the partner's
reasonable share of the ITCs if it is made in the same proportion in which the partners have agreed to share any income or loss and if section 103 is
not applicable for the agreement to share any income or loss. Special rules apply to specified members of a partnership and limited partners.
For more information, see Guide T4068, Guide for the Partnership Information Return (T5013 Forms).
• For tax purposes, Canada includes the exclusive economic zone of Canada as defined in the Oceans Act (which generally consists of an area of the sea
that is within 200 nautical miles from the Canadian coastline), including the airspace, seabed and subsoil of that zone.
• For the purpose of this schedule, the expression Atlantic Canada includes the Gaspé Peninsula and the provinces of Newfoundland and Labrador, Prince
Edward Island, Nova Scotia, and New Brunswick, as well as their respective offshore regions (prescribed in Regulation 4609).
(Ce formulaire est disponible en français.)
T2 SCH 31 E (19)
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Clear Data
Protected B
when completed
Detailed information (continued)
• For the purpose of this schedule, qualified property means property in Atlantic Canada that is used primarily for manufacturing and processing, farming or
fishing, logging, storing grain, or harvesting peat. Property in Atlantic Canada that is used primarily for oil and gas, and mining activities is considered
qualified property only if acquired by the taxpayer before March 29, 2012, unless transitional measures were granted*. Qualified property includes new
buildings and new machinery and equipment (prescribed in Regulation 4600), and new energy generation and conservation property (prescribed in
Regulation 4600). Qualified property can also be used primarily to produce or process electrical energy or steam in a prescribed area (as described in
Regulation 4610). See the definition of qualified property in subsection 127(9) for more information.
• For the purpose of this schedule, qualified resource property means property in Atlantic Canada that is used primarily for oil and gas, and mining
activities, if acquired by the taxpayer after March 28, 2012, and before January 1, 2016. Qualified resource property includes new buildings and new
machinery and equipment (prescribed in Regulation 4600). See the definition of qualified resource property in subsection 127(9) for more information.
Part 1 – Investments, expenditures, and percentages
Specified
Investments
percentage
Qualified property acquired primarily for use in Atlantic Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10%
Qualified resource property acquired primarily for use in Atlantic Canada and acquired:
– after March 28, 2012, and before 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10%
– after 2013 and before 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5%
– after
2015*
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0%
Expenditures
If you are a Canadian-controlled private corporation (CCPC), this percentage may apply to the portion that
you claim of the SR&ED qualified expenditure pool that does not exceed your expenditure limit (see Part 10 on page 5) . . . . . . . . . . . . . . . . . .
35%
Note: If your current year's qualified expenditures are more than your expenditure limit (see Part 10 on
page 5), the excess is eligible for an ITC calculated at the 15% rate.
If you are a corporation that is not a CCPC and have incurred qualified expenditures for SR&ED in any area in Canada . . . . . . . . . . . . . . . . . .
15%
If you paid salary and wages to apprentices in the first 24 months of their apprenticeship contract for employment . . . . . . . . . . . . . . . . . . . . . .
10%
If you incurred expenditures after March 18, 2007, and before March 22, 2017 (or before 2020 if you entered into a written agreement before
25%
March 22, 2017) for the creation of licensed child care spaces for the children of your employees and, potentially, for other children . . . . . . . . .
* A transitional relief rate of 10% may apply to property acquired after 2013 and before 2017, if the property is acquired under a written agreement
entered into before March 29, 2012, or the property is acquired as part of a phase of a project where the construction or the engineering and design
work for the construction started before March 29, 2012. See paragraph (a.1) of the definition of specified percentage in subsection 127(9) for more
information.
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Clear Data
Protected B
when completed
Corporation's name
Business number
Tax year-end
Year
Month Day
Part 2 – Determination of a qualifying corporation
1 Yes
2 No
101
Is the corporation a qualifying corporation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the purpose of a refundable ITC, a qualifying corporation is defined under subsection 127.1(2). The corporation has to be a CCPC and its taxable
income (before any loss carrybacks) for its previous tax year cannot be more than its qualifying income limit for the particular tax year. If the corporation is
associated with any other corporations during the tax year, the total of the taxable incomes of the corporation and the associated corporations (before any
loss carrybacks), for their last tax year ending in the previous calendar year, cannot be more than their qualifying income limit for the particular tax year.
Note: A CCPC considered associated with another corporation under subsection 256(1) will be considered not associated for the calculation of a
refundable ITC if both of the following conditions are met:
• one corporation is associated with another corporation only because one or more persons own shares of the capital
stock of both corporations
• one of the corporations has at least one shareholder who is not common to both corporations
If you are a qualifying corporation, you will earn a 100% refund on your share of any ITCs earned at the 35% rate on qualified expenditures for SR&ED, up
to the allocated expenditure limit.
Some CCPCs that are not qualifying corporations may also earn a 100% refund on their share of any ITCs earned at the 35% rate on qualified expenditures
for SR&ED, up to the allocated expenditure limit. The expenditure limit can be determined in Part 10 on page 5.
The 100% refund will not be available to a corporation that is an excluded corporation as defined under subsection 127.1(2). A corporation is an excluded
corporation if, at any time during the year, it is a corporation that is either controlled by (directly or indirectly, in any manner whatever) or is related to one of
the following:
a) one or more persons exempt from Part I tax under section 149
b) Her Majesty in right of a province, a Canadian municipality, or any other public authority
c) any combination of persons referred to in a) or b) above
Part 3 – Corporations in the farming industry
Complete this area if the corporation is making SR&ED contributions.
Is the corporation claiming a contribution in the current year to an agricultural organization whose goal is to
1 Yes
2 No
102
finance SR&ED work (for example, check-off dues)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If yes, complete Schedule 125, Income Statement Information, to identify the type of farming industry the corporation is involved in.
×
=
80%
103
Contributions to agricultural organizations for
SR&ED*
. . . . . . . . . . . . . . . . . . . . .
Enter on line 350 of Part 8.
* Enter only contributions not already included on Form T661.
Qualified Property and Qualified Resource Property
Part 4 – Eligible investments for qualified property and qualified resource property from the current tax year
Capital cost
Location used in
Amount of
Date available for
allowance
Description of investment
Atlantic Canada
use
investment
class number
(province)
105
110
115
120
125
1.
2.
3.
4.
Total of investments for qualified property and qualified resource property
A1
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Protected B
when completed
Part 5 – Current-year credit and account balances – ITC from investments in
qualified property and qualified resource property
B1
ITC at the end of the previous tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
210
Credit deemed as a remittance of co-op corporations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
215
Credit expired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal (line 210 plus line 215)
C1
220
ITC at the beginning of the tax year (amount B1 minus amount C1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
230
Credit transferred on an amalgamation or the wind-up of a subsidiary . . . . . . . . . . . . . . . . . . . . . .
235
ITC from repayment of assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Qualified property; and qualified resource property acquired
after March 28, 2012, and before January 1,
2014*
×
=
10%
240
(applicable part from amount A1 in Part 4) . . . . . . . . . . . . . . . . .
Qualified resource property acquired after
December 31, 2013, and before January 1, 2016
×
=
5%
242
(applicable part from amount A1 in Part 4) . . . . . . . . . . . . . . . . .
250
Credit allocated from a partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal (total of lines 230 to 250)
D1
E1
Total credit available (line 220 plus amount D1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
260
Credit deducted from Part I tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
a
Credit carried back to previous years (amount H1 in Part 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
280
Credit transferred to offset Part VII tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal (total of line 260, amount a, and line 280)
F1
G1
Credit balance before refund (amount E1 minus amount F1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
310
Refund of credit claimed on investments from qualified property and qualified resource property (from Part 7) . . . . . . . . . . . . .
ITC closing balance of investments from qualified property and qualified resource property
320
(amount G1 minus line 310) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
* Include investments acquired after 2013 and before 2017 that are eligible for transitional relief.
Part 6 – Request for carryback of credit from investments in qualified property and qualified resource property
Year
Month Day
1st previous tax year
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit to be applied
901
2nd previous tax year
902
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit to be applied
3rd previous tax year
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit to be applied
903
Total of lines 901 to 903
H1
Enter at amount a in Part 5.
Part 7 – Refund of ITC for qualifying corporations on investments from qualified property and qualified
resource property
I1
Current-year ITCs (total of lines 240, 242, and 250 in Part 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
J1
Credit balance before refund (from amount G1 in Part 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
K1
Refund (40% of amount I1 or J1, whichever is less) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount K1 or a lesser amount on line 310 in Part 5 (also enter on line 780 of the T2 return if you do not claim an SR&ED ITC refund).
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Clear Data
Protected B
when completed
Corporation's name
Business number
Tax year-end
Year
Month Day
SR&ED
Part 8 – Qualified SR&ED expenditures
350
Qualified SR&ED expenditures (line 557 on Form T661 plus line 103 in Part
3)*
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
370
Repayments made in the year (from line 560 on Form T661) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
380
Total qualified SR&ED expenditures (line 350 plus line 370) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
* If you are claiming only contributions made to agricultural organizations for SR&ED, line 350 should equal line 103 in Part 3. Do not file Form T661.
Part 9 – Components of the SR&ED expenditure limit calculation
Part 9 only applies if you are a CCPC.
Note: A CCPC considered associated with another corporation under subsection 256(1) will be considered not associated for the calculation of an
SR&ED expenditure limit if both of the following apply:
• one corporation is associated with another corporation solely because one or more persons own shares of the capital stock of the corporation
• one of the corporations has at least one shareholder who is not common to both corporations
1 Yes
2 No
385
Is the corporation associated with another CCPC for the purpose of calculating the SR&ED expenditure limit? . . . . . . . . .
If you answered no to the question on line 385 or if you are not associated with any other corporations, complete lines 390 and 398.
If you answered yes, complete Schedule 49, Agreement Among Associated Canadian-Controlled Private Corporations to Allocate the Expenditure Limit,
to determine the amounts for associated corporations.
390
Enter your taxable income for the previous tax
year*
(prior to any loss carrybacks applied) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter your taxable capital employed in Canada for the previous tax year minus $10 million.
398
If this amount is nil or negative, enter "0". If this amount is over $40 million, enter $40 million . . . . . . . . . . . . . . . . . . . . . . . . . .
* If the tax year referred to on line 390 is less than 51 weeks, multiply the taxable income by the following result: 365 divided by the number of days in
that tax year.
Part 10 – SR&ED expenditure limit for a CCPC
For a stand-alone (not associated) corporation
$8,000,000
×
=
Taxable income for the previous tax year (line 390 in Part 9) or $500,000, whichever is more
10
A2
B2
Excess ($8,000,000 minus amount A2; if negative, enter "0") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
$40,000,000 minus line 398 in Part 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C2
Amount b divided by $40,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For tax years ending before March 19, 2019
D2
Amount B2 multiplied by amount C2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For tax years ending after March 18, 2019
E2
$3,000,000 multiplied by amount C2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2
Expenditure limit for the stand-alone corporation (amount D2 or amount E2, whichever
applies)*
. . . . . . . . . . . . . . . . . . . . . . . .
For an associated corporation:
400
G2
If associated, the allocation of the SR&ED expenditure limit, as provided on Schedule
49*
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
If your tax year is less than 51 weeks, calculate the amount of the expenditure limit as follows:
×
=
Amount F2 or G2
Number of days in the tax year
H2
. . . . . . . . . . . . . . . . . . . .
365
410
Your SR&ED expenditure limit for the year (enter amount F2, G2, or H2, whichever applies) . . . . . . . . . . . . . . . . . . . . . . . .
* Amount F2 or G2 cannot be more than $3,000,000.
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