Claiming the Tax Credit

To Claim a Tax Credit

 

Step 1:   

Receive a tax credit certificate from Innovation Saskatchewan.

Step 2:   

File your personal or corporate income tax return for the tax year in which the investment was made.

Step 3:  

Once you have received a Notice of Assessment from the Canada Revenue Agency, complete an STSI Claim Form:                            

STSI Claim Form

Step 4:   

Submit the following documents to the Ministry of Finance:

  • Tax Credit Certificate(s) as issued by Innovation Saskatchewan;
  • STSI Claim Form; and,
  • Notice of Assessment from the Canada Revenue Agency

STSI Claim Forms and supporting documentation must be emailed to STSI.claim@gov.sk.ca

Step 5: 

The Ministry of Finance will verify the claim and provide a rebate calculation in accordance with the program legislation.          

 

Processing Time for STSI Claim Forms:

The Ministry of Finance is committed to processing STSI claims according to the Taxpayer Service Commitments and Standards Code. To obtain a refund, an investor is required to provide complete and accurate information regarding their claim.

Once a refund amount has been established, it will be processed within 21 business days. If your refund is not processed within 21 business days, please contact the Program Manager at stsi@innovationsask.ca.

If your refund claim is denied, you will be notified of the reason by letter.

Claiming Period:

Unused credits may be carried forward. The length of the claiming period is dependent on when the investment was made:

  • The credits for investments made between April 1, 2018, and December 31, 2020, can be claimed over a 4 year period.
    • Year one is the Applicable Taxation Year stated on the certificate (i.e., the tax year in which the investment was made). Investors will have another 3 years after that to claim their credit.
  • The credits for investments made after January 1, 2021, can be claimed over a 7-year period.
    • Year one is the Applicable Taxation Year stated on the certificate (i.e., the tax year in which the investment was made). Investors will have another 6 years after that to claim their credit.