2018-05-14 12:27:58 Accounting News English Find out if your clients are eligible to receive financial help through the Saskatchewan Commercial Innovation Incentive program. Learn... https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2018/05/08100350/Accountant-Advises-Company-About-Claiming-Sasketchewans-Patent-Box.jpg Claiming the Patent Box: Saskatchewan's Commercial Innovation Incentive

Claiming the Patent Box: Saskatchewan’s Commercial Innovation Incentive

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Some of your Saskatchewan clients may be eligible to get money as part of the Saskatchewan Commercial Innovation Incentive (SCII). This lowers your clients’ tax rate 6% for 10 consecutive years to help them commercialize their intellectual property.

To land this tax break, your client has to own intellectual property that relates to the production of goods, services, or processes within Saskatchewan. The property must be unique within the Canadian marketplace. Your client has to be a corporation that earns all of its money from the commercialization of the intellectual property. Also, your client has to be contributing to Saskatchewan by meeting a couple of economic benchmarks. These could include spending at least $3 million in research and development costs, creating at least 10 jobs, or having at least $10 million in new net capital expenditures.

After meeting these requirements, your client will get an eligibility certificate. It then has to complete all five sections of the SCII application form. The first section covers personal contact information, while the second section is all about the organization. The third and fourth sections certify your client will be economically benefiting Saskatchewan as well as entering the tax rebate stream.

The main part of the application is the fifth section. There are 22 questions to check the scientific eligibility of your client’s innovation. At the end of the application, your client has to declare it has read the program document, provided accurate information, and understands the program requirements. Upon approval, your client can begin using the new tax break. Start by seeing if your client is eligible and if it is, help it take advantage of the Saskatchewan Commercial Innovation Incentive.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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