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This version of the form is not currently in use and is provided for reference only. Download this version of
Form T1232
for the current year.
Form T1232 Yukon Research and Development Tax Credit (Individuals) - Canada
Form T1232 is used by individuals in Canada to claim the Yukon Research and Development Tax Credit. This credit is designed to encourage research and development activities in the Yukon Territory, allowing individuals to reduce their tax liability. It is specifically for individuals who have incurred eligible expenditures related to scientific research and experimental development in the Yukon.
The Form T1232 Yukon Research and Development Tax Credit (Individuals) - Canada is filed by individuals who are eligible for the tax credit in the Yukon territory of Canada.
FAQ
Q: What is Form T1232 Yukon Research and Development Tax Credit?
A: Form T1232 is a tax credit form specific to the Yukon territory in Canada that allows individuals to claim credits for qualifying research and development expenses.
Q: Who is eligible to claim the Yukon Research and Development Tax Credit?
A: Individuals who have incurred eligible research and development expenses in the Yukon territory may be eligible to claim this tax credit.
Q: What expenses can be claimed on Form T1232?
A: Eligible expenses that can be claimed on Form T1232 include expenses related to scientific research and experimental development conducted in the Yukon.
Q: How much is the Yukon Research and Development Tax Credit worth?
A: The tax credit amount is equal to 25% of eligible expenses incurred in the Yukon, up to a maximum credit of $2,000.
Q: Do I need any supporting documentation when claiming this tax credit?
A: Yes, you will need to keep supporting documentation such as receipts, invoices, and related documentation to substantiate your claim.
Q: When is the deadline to file Form T1232?
A: The deadline to file Form T1232 is the same as the personal income tax returnfiling deadline, which is usually April 30th of each year.
Q: Can I claim this tax credit if I am not a resident of Yukon?
A: No, this tax credit is specific to residents of Yukon who have incurred eligible expenses in the territory.
Q: Can I carry forward any unused tax credit amount?
A: No, any unused tax credit amount cannot be carried forward to future years.
Q: Do I need to submit Form T1232 with my tax return?
A: Yes, you will need to include Form T1232 with your tax return when claiming the Yukon Research and Development Tax Credit.
