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What is the Innovation Equity Tax Credit (NS)?

The Innovation Equity Tax Credit (Innovation ETC) is a non-refundable personal income tax credit available to eligible investors investing in an approved corporation.

This credit is meant to encourage investments in eligible Nova Scotia small and medium corporations that are engaged in innovative activities that contribute to inclusive economic growth. These investments are meant to provide the capital required for research, development, or commercialization of new technology, products, or processes.

The Innovation ETC is equal to 35% of eligible investments, which increases to 45% for investments made in eligible classifications within the oceans technology and life sciences sectors. The maximum annual investment amount is $250,000.

  1. Go to the Provincial section of your tax return on TurboTax.
  2. Under the Which credits will you claim? section, select Nova Scotia Innovation Equity Tax Credit, then Continue.
  3. Enter the investment amounts from your certificates, then select Continue.
  4. The Nova Scotia tax and credit summary step appears. Confirm your amounts are accurate, then select Continue.
  1. Go to the Provincial section of your tax return on TurboTax.
  2. Under the Nova Scotia Tax Credits section, select Nova Scotia Innovation Equity Tax Credit, then Continue.
  3. Enter the investment amounts from your certificate(s), then select Continue.
  4. The Here's your Nova Scotia tax and credit summary step appears. Confirm your amounts are accurate, then select Continue.

Related information:

Innovation ETC application form

Innovation ETC proposed investor form

Note: The forms are available only in English.

 

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