Recently, we posted a note regarding the public consultations that were ongoing regarding SR&ED policy review. Today is the final day for reviewing the Public Consultations – Policy on the Eligibility of Work for SR&ED Investment Tax Credits (Draft). Have you shared your thoughts with the CRA? Here at SREDucation.ca, we are concerned about some of the changes that are implied in the new text as these are changes to SR&ED eligibility.
In particular, there are inconsistencies between many of the definitions and a severe lack of clarity in many of the revised sections. Furthermore, there is a real concern that these policy changes may go directly against the Reducing Red Tape initiative, and actually increase the level of documentation required for the companies. An increase in the documentation required will only make claims harder for everyone involved.
We have prepared a detailed critique of the new policies, focusing on our main points of concern. Click here to access it in PDF form — InGenuity Group’s Submission to the CRA re: SR&ED Eligibility.
If you have not done so already, please submit your feedback to the CRA. These changes aren’t simply going to affect “some other company”. They will affect everyone who is involved in developing new innovative products and processes in Canada, as well as those who provide supporting services. This is your chance to have a say and we recommend that anyone involved in SR&ED submit their feedback, as this is a prime opportunity to make a difference and let your voice be heard. It is not too late to act!
Want more information on what these changes could mean for your SR&ED projects? Contact a professional.