New Brunswick Research and Development Tax Credit

For New Brunswick companies investing time and money into innovation, the New Brunswick Research and Development Tax Credit can help offset the real cost of experimentation and product development. This refundable provincial tax credit is designed for corporations carrying out scientific research or experimental development in the province, whether they’re refining an existing process or pushing into entirely new technology. Because it’s refundable, eligible businesses can receive the benefit even if they’re not yet profitable, which is especially valuable for growing or R&D-intensive firms.

Administered by the Government of New Brunswick through the Finance and Treasury Board and processed alongside the federal SR&ED system by the Canada Revenue Agency, the credit works in tandem with federal incentives. Businesses can generally recover around 15% of qualifying research and development costs, with the total support depending on the scope and scale of the project. Eligible expenses often include labour, materials, equipment, and certain overhead costs tied directly to research activities, making this program relevant across a wide range of industries, from advanced manufacturing to software and applied sciences.

For small businesses and large enterprises alike, this tax credit can significantly reduce the financial risk of innovation while encouraging continued investment in R&D within New Brunswick. Understanding how provincial and federal SR&ED programs interact is key, and reviewing the full details can help determine how much support your business may be able to access.