Effective January 1, 2016, the province of Newfoundland and Labrador eliminated the Manufacturing and Processing Profits Tax Credit.

The Manufacturing and Processing Profits Tax Credit was available to corporations in Newfoundland and Labrador who carried out manufacturing and processing from a permanent establishment in the province since 2000. This tax credit was worth 9% of taxable Canadian manufacturing and processing profits and allowed a deduction from the provincial corporate income tax payable.

For periods prior to January 1, 2016:
To claim this tax credit for years prior to 2016, corporations are required to fill out Schedule 300 and submit it with their corporate income tax return.

The Manufacturing and Processing Profits Tax Credit is provided under Section 41 of the Income Tax Act, 2000.

The Federal Government administered the Manufacturing and Processing Profits Tax Credit on behalf of the Province. The Canada Revenue Agency (CRA) can answer your questions regarding the Manufacturing and Processing Profits Tax Credit. You can contact them at 1-800-959-5525. Additional information can be obtained from the CRA website.