The last time that a major report came out offering recommendations to the SR&ED program, the effect was profound. In 2011, Innovation Canada: A Call to Action – colloquially known as the Jenkins Report was released. One of the recommendations was to modify the SR&ED process to help small businesses Read more…
Things to look out for when completing the T661 form for SR&ED: If you have used a third-party claim preparer to help file your SR&ED claim, ensure you provide all the information that is requested. There is substantial paperwork to prepare when filing your taxes, including the forms required to Read more…
December 2018 Note: The Progressive Conversation government has announced it is putting the proposed increase, which had been introduced by the former Liberal government earlier this year, on hold while it reviews the effectiveness of both the Ontario Research and Development Tax Credit and Ontario Innovation Tax Credit. According to Read more…
Changes to the Ontario Innovation Tax Credit may make small businesses more likely to file a claim. The Ontario Innovation Tax Credit (OITC) is a “refundable tax credit for small to medium-sized companies on eligible R&D expenditures,” 1 and can be claimed when corporations file Schedule 566 with their T2 Corporation Read more…
Since 1999 the Canada Revenue Agency (CRA) has provided the Canadian Treasury with “a comprehensive report on the performance of the CRA for the previous fiscal year, and a discussion of the CRA’s achievements against the key targets and indicators set out in our Corporate Business Plan and Departmental Plan.” Read more…