At SREDucation, we’re taking the time to document all of the changes that have occurred to the SR&ED program over the years. In our “From the Archives” series, you’ll be able to see how the program has evolved since its inception in 1986. For a timeline of these events, check out the SR&ED Tax Credit page on Facebook. Stay current with the program by understanding the historical context.
On January 13, 2010, the Minister of National Revenue and Minister of State Jean-Pierre Blackburn addressed the 13th Annual Tax Practitioner Information Session which was being held in Hamilton, Ontario. In his address, Minister Blackburn announced improvements to the SR&ED tax incentive program. “Changes will be made to improve the program” declares Minister Blackburn.
In his speech, Minister Blackburn stressed the following: “(o)ur Government understands the importance of research and innovation to our country’s present and future economic prosperity. By offering generous investment tax credits, we are encouraging Canadian corporations to invest in innovation and to develop new products, services, and technologies.” (1) The Minister continued his address by touching on how the Canada Revenue Agency (CRA) would also be involved directly in the proposed enhancements to the SR&ED program. “CRA officials will also spend more time better explaining the SR&ED program requirements, process, and decisions to the claimants and their representatives. The emphasis on working with claimants is reflected in the new manual, which will become effective on April 1, 2010,” (2) added Minister Blackburn.
The minister also stressed the importance of a stringent yet consistent SR&ED claim process. By having a mutually-beneficial program, from both the taxpayer’s and the Canada Revenue Agency’s standpoint, “we are creating a stronger economy, future job opportunities, and a better quality of life for all Canadians.” (3) As Minister Blackburn pointed out, SR&ED is the largest governmental support program available for industrial research and development which fosters economic growth.
View further details on his address here.
(1-3) Source 10/25/2012 http://www.cra-arc.gc.ca/nwsrm/rlss/2010/m01/nr100113-eng.html