In December 2020, the Canada Revenue Agency (CRA) implemented changes to the Scientific Research and Experimental Development (SR&ED) form, the T661. The new version of the T661 form, the T661(20), is now in use, and the T661(15) will no longer be accepted as of January 1, 2021. In this post, Read more…
Scientific Research and Experimental Development (SR&ED) investment tax credits (ITCs) may be carried backed to be applied to the prior year’s taxes or carried forward to be applied to future year’s taxes. Additionally, the pool of deductible SR&ED expenditures may be carried forward to be used in future years. This Read more…
Scientific Research and Experimental Development (SR&ED) investment tax credits (ITCs) may be carried backed to be applied to the prior year’s taxes or carried forward to be applied to future year’s taxes. This post will explain the SR&ED carry back and carry forward rules at the federal level. SR&ED ITC Read more…
The Canada Revenue Agency (CRA) offers two distinct services to those who want to obtain a ruling on their SR&ED tax incentive claim before they submit their application; a pre-claim consultation (PCC) or a pre-claim review (PCR). The following article will discuss the similarities and differences between the two Read more…
Is email or fax safer when it comes to transmitting sensitive documents to the CRA? While the CRA has embraced the electronic filing of taxes, there is a reluctance to adopt email as a way of providing supplemental information. Why the CRA does not allow documents to be sent by Read more…