Simplifying SRED Applications (2008)
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On Nov. 17, 2008, Revenue Minister Jean-Pierre Blackburn announced the SR&ED claim process will be simplified, and that the government will launch an eligibility self-assessment tool on the web for companies to determine ahead of applications if they qualify.
“By making it easier to apply for SR&ED tax credits, the (Canada Revenue Agency) is supporting businesses that are key to the long-term growth of the Canadian economy, that are providing quality jobs, and that are helping Canada compete for international investment dollars,” stated Blackburn in a press release.
Support from Business Community for SR&ED Changes
The announcement received support from the Canadian Federation of Independent Business, an organization that represented more than 105,000 small- and medium-sized enterprises at the time.
“The CFIB is very pleased to see the SR&ED claim process simplified,” stated Garth Whyte, CFIB executive vice-president.
“For too long, many small businesses were not taking advantage of this important tax credit simply because it could be complicated and cumbersome. This is an excellent step in providing small businesses with new tools to invest in innovation.”
Changes To SR&ED In Detail
Changes to the claim process included:
- Simplifying Form T661, Scientific Research and Experimental Development (SR&ED) Expenditures Claim
- Making an industry guide to SR&ED easier to understand
- Reorganizing the guide “for a more logical flow”
This article is based upon a Government of Canada news release issued at the time: Claiming scientific research and experimental development tax credit made easier for small businesses
Pre-Register for the SR&ED Training Guide
For more information:
– Form T661, Scientific Research and Experimental Development (SR&ED) Expenditures Claim