Form T2 Schedule 442 Yukon Research and Development Tax Credit (2011 and Later Taxation Years) - Canada

Form T2 SCH 442 or the "Form T2 Sch 442 Schedule 442 "yukon Tax Credit (2011 And Later Taxation Years)" - Canada" is a form issued by the Canadian Revenue Agency .

The form was last revised in January 1, 2011 and is available for digital filing. Download an up-to-date Form T2 SCH 442 in PDF-format down below or look it up on the Canadian Revenue Agency Forms website.

FAQ

Q: What is Form T2 Schedule 442?
A: Form T2 Schedule 442 is a tax form used in Canada for claiming the Yukon Research and Development Tax Credit.

Q: Who can use Form T2 Schedule 442?
A: This form can be used by Canadian corporations that meet the eligibility requirements set by the Yukon government for claiming the research and development tax credit.

Q: What is the Yukon Research and Development Tax Credit?
A: The Yukon Research and Development Tax Credit is a tax credit offered by the Yukon government to encourage businesses to undertake research and development activities within the territory.

Q: What are the eligibility requirements for claiming the tax credit?
A: To be eligible for the tax credit, a corporation must have incurred eligible expenditures for scientific research and experimental development in the Yukon.

Q: What types of expenses are considered eligible for the tax credit?
A: Eligible expenses for the tax credit include salaries and wages, materials and supplies, overhead expenses, and subcontractor expenses directly related to the research and development activities.

Q: How is the tax credit calculated?
A: The tax credit is calculated as a percentage of the eligible expenditures incurred by the corporation in the tax year.

Q: Can the tax credit be carried forward or back?
A: Yes, any unused tax credit can be carried forward for up to 10 years or carried back for up to 3 years to reduce taxes payable in those years.