The Honourable Kerry-Lynne D. Findlay, Minister of National Revenue, and Peter Braid, Member of Parliament for Kitchener, recently participated in a round-table discussion with high-tech business owners at the Communitech Hub to outline their continued support for SMEs.
- The Apprenticeship Job Creation Tax Credit (AJCTC) provides businesses with a maximum credit of $2,000 per year for the first two years for each eligible apprentice.
- The federal government introduced the Hiring Credit for Small Business (HCSB) in 2011. The HCSB provides relief from the employer’s share of employment insurance (EI) premiums by crediting up to $1,000 on their payroll account.
- The Scientific Research and Experimental Development (SR&ED) Program is a federal tax incentive program administered by the Canada Revenue Agency (CRA) that encourages Canadian businesses to conduct R&D in Canada. The SR&ED program allows Canadian-controlled private corporations, to earn a refundable Investment Tax Credit (ITC) of 35% on up to $3 million in qualified SR&ED expenditures for SR&ED carried out in Canada. The ITC is fully refundable on qualified SR&ED current expenditures and 40% refundable on qualified SR&ED capital expenditures.
