North Innovation Fund launched to support Canada’s Knowledge-Based Industries
Waterloo and Toronto, February 15, 2012 – North Innovation Fund (NIF), a privately-held alternative financing firm providing ongoing SR&ED accrual loans to early stage Canadian companies in a variety of technology-based sectors, today announced the launch of its first Fund. The Fund was created to identify high growth and innovative companies that are in need […]
Venture Capital Fundraising Concerns in Canada
According to 2011 year-end figures from the Canadian Venture Capital and Private Equity Association, a four-year high of $1.5 billion from VC was disbursed to Canadian startups last year. Although this was the highest level since 2008, this was far short of the $2.1 billion invested in 2007. New funds for VC hit $1 billion […]
Taxpayer’s Ombudsman: Issues of service and fairness within the SR&ED program
The Office of the Taxpayer’s Ombudsman released word on their investigation into the Canadian SR&ED program this week. The OTO committed to looking into the program’s service and administrative fairness after hearing of “dissatisfaction” with the SR&ED program from claimants and representatives. The OTO set out with a firm objective: “Through research and analysis, we […]
2012 Alberta Budget- SR&ED Tax Credit Enhanced
The Alberta Scientific Research and Experimental Development (SR&ED) program provides a tax credit to Alberta corporations for eligible expenditures incurred after December 31, 2008. The credit is worth 10% of a company’s eligible SR&ED expenditures in Alberta up to a $4 million expenditure limit, for a maximum credit of $400,000, and it is refundable for […]
Food Manufacturers urged to implement new Food Allergen Labelling Regulations coming into full effect on August 4, 2012
On February 16th 2011, Health Canada announced new regulations to strengthen labelling requirements by necessitating the use of clearer language and declaration of specific priority allergens, gluten sources and added sulphites for prepackaged foods sold in Canada. Canada’s new food allergen labelling regulations will come into effect on August 4th 2012. Currently, prepackaged foods must […]
Feed-In Tariff Program News
The Ontario Power Authority (OPA) is “moving forward with its commitment to review the Feed-In Tariff (FIT) Program” (read here), concerning the FIT review (scheduled for every two years) announced October to investigate price reduction, long-term sustainability, clean energy job creation and the renewable approval process. Renewable Energy World predicts late February will bring about […]
Direct Government Funding – Benefits and Detriments
SR&ED and NRC IRAP are both substantial business support programs offered by the Canadian federal government. However, one of the major differences between the 2 programs is that NRC IRAP endorses direct up-front funding, whereas SR&ED is a tax credit for expenses that have already been incurred. In light of the recent Jenkins report, there has been […]
Software Development and SR&ED
Software development is a key industry when it comes to R&D in Canada – in 2008 there were over 55,000 computer systems design and related companies operating in Canada, and that number continues to grow. Between smartphone apps and cloud computing, with infinite applications in every industry, we need to keep ahead. The government is […]
Harper signals Canada’s looming R&D revamp
Canadian Prime Minister Harper reiterated possible amendments to the Canadian SR&ED program at the World Economic Forum at Davos, Switzerland on Thursday. “We believe that Canada’s less than optimal results for those investments is a significant problem for our country,” Mr. Harper stated. Suggested changes, as previously mentioned by the Globe and Mail, follow from the much-discussed […]
Harper hints at R&D tax break overhaul
Prime Minister Stephen Harper is hinting that Ottawa will overhaul a $3.5-billion SR&ED program. The recent Jenkins Report recommended that the SR&ED tax credit be made simpler and smaller. Among suggested changes to the Scientific Research & Experimental Development program, the report suggests that the credit should be limited to labour costs, and that the […]