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SR&ED as Stimulus (2009)
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.
Finance Minister Applauds SR&ED as a Stimulus Program
On May 4, 2009, Finance Minister Jean-Pierre Blackburn paid tribute to how SR&ED, in the government’s view, is an important stimulant for the economy at a time when Canada was facing a global recession.
He delivered his remarks to representatives of the Tax Executives Institute (TEI) at their 50th annual conference in Gatineau, Quebec.
“During these difficult economic times, programs such as the SR&ED Tax Credit are essential to supporting Canadian businesses,” he stated in a press release.
“By returning over four billion dollars every year to individuals and businesses participating in research and development in Canada, we are moving to stimulate Canada’s economy and help lay a solid foundation for future economic growth, job creation and a higher standard of living for all Canadians.”
Highlighting New SR&ED Tools
Blackburn also spent part of his speech discussing new tools that the Canada Revenue Agency has made available to claimants. These included:
- A self-assessment tool to determine eligibility for SR&ED claims;
- A revised claim form;
- A new guide for SR&ED claimants.
“By making it easier to apply for SR&ED tax credits, the CRA is supporting innovative businesses that are the engine of long-term growth in the Canadian economy,” the press release stated.
Blackburn added that it is important to cultivate relationships with interest groups such as TEI to help the Canadian economy during this rocky period.
“We are committed to collaborating closely with important organizations like the TEI as our government steers our country through our current economic challenges,” he stated in the release. “Working together, we can protect the jobs of today, while readying our economy to create the jobs of tomorrow.”
This article is based upon a Government of Canada news release issued at the time: Minister of National Revenue Addresses Tax Executives Institute at their Annual Conference.