CRA Service Standards for SR&ED Claims
The Scientific Research and Experimental Development (SR&ED) tax credit was developed to encourage companies to undertake research and development in Canada. But once you have submitted a claim for the tax credit, how long does it take to see the benefits of the program? The CRA has outlined their service standards for processing SR&ED claim […]
Shedding Light on the SR&ED Program
The Scientific Research and Experimental Development (SR&ED) program is one of the most lucrative incentive programs for companies working on technological development and product/process improvements. SR&ED can generate tax credits up to 68% on eligible labour costs. An analysis by the Canada Revenue Agency (CRA) showed that only 50% of eligible Ontario manufacturers have filed […]
Tips on How to Instil a SR&ED Mindset in Your Company
The best way to obtain full value from the SR&ED program is to ensure that your company has a SR&ED mindset. Here are some tips from Pierre Pinet on how to instil a SR&ED mindset in your company: Review the SR&ED program with affected employees at the beginning of the fiscal year in order to […]
Manufacturers Will Divest of R&D if Capital Expenditures Exempted from SR&ED
A recent study released by Canadian Manufacturers and Exporters (CME) found that 69% of manufacturers would reduce research and activity activities, and 18% would shift their R&D to other jurisdictions if the federal government exempts capital expenditures from the SR&ED program. While the majority of Canadian businesses engaged in R&D spend on labour costs, large […]
SR&ED versus IRAP
Scientific Research and Experimental Development (SR&ED) and the Industrial Research Assistance Program (IRAP) are two of the largest government incentive programs in Canada. The chart below details some of the major differences between the 2 programs. Criteria Scientific Research and Experimental Development (SR&ED) Industrial Research Assistance Program (IRAP) Administration SR&ED is administered by the Canada […]
Legislative Proposals Contain Changes to SR&ED Proposed in 2012 Budget
The Canadian Department of Finance has drafted legislative proposals, released August 14, that include the following changes to the SR&ED program: 1. Removal of capital from the expenditure base (for capital expenditures incurred in 2014). Effective January 1, 2014, capital expenditures cannot be claimed. To be claimable for capital expenditures before 2014, the expenditure must […]
Survey Shows: Federal Budget has Businesses on Edge
In June 2012, Deloitte conducted an online survey on the effects of the federal budget and how it impacts innovation investment in Canada. It was revealed that 80 percent of those surveyed believe that the budget will have a negative impact on the money available from SR&ED and offers little to no benefit for new […]
NorthBridge Summer 2012 Newsletter
NorthBridge’s 2012 summer newsletter is out! In this issue: –Get In the Game: Canada’s Digital Media Industry –New Fiscal Year’s Resolutions –NorthBridge Holds EMC Manufacturing Seminars –Federal Budget SR&ED Changes: Dollars and Cents –NorthBridge SR&ED Video
NorthBridge SR&ED Video
Check out NorthBridge’s latest informative video about the Scientific Research and Experimental Development (SR&ED) program!
Revised SR&ED T661 Claim Form
In October of 2012, the Canada Revenue Agency (CRA) will be releasing a new Form T661(12), Scientific Research and Experimental Development (SR&ED) Expenditures Claim, to accommodate the legislative changes proposed in the March 2012 federal budget. These changes will begin taking effect commencing January 1, 2013. The new Form T661(12), revision code 1201, will be accepted […]