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Research and Development Tax Credit Expert Panel
In our last post, we discussed the changes to the SR&ED policy. It’s not too late – you can still let the government know how important SR&ED is to your organization. Many are unaware that back in December 2010, the federal government convened an Expert Panel to review federal support of Research and Development in Canada. What’s important is that the Expert Panel is still reviewing inputs and is open to further feedback. Make your opinions heard to ensure a) that there is continued, unwavering support for SR&ED, and (at a minimum) b) preserve the existing tax credit levels. There are three main ways you can have your voice heard:
1) Contribute to a group providing feedback.
a) How important of a role has SR&ED played in the success of your tech company?
b) What impact would you have faced had you NOT had access to SR&ED?
2) Blaze your own trail.
a) Submit directly to key politicians. Follow the example of the CME (Canadian Manufacturers and Exporters) who recently submitted a scathing review (Press Release, Report) of the proposed changes. These include:
Minister of Finance – The Honourable Jim Flaherty
Minister of National Revenue – The Honourable Gail Shea
Minister of Industry – The Honourable Christian Paradis
Minister of State for Science and Technology – The Honourable Dr. Gary Goodyear
b) Contribute to the Expert Panel. You can use the official route to provide feedback about the changes via firstname.lastname@example.org
To make sure the individuals reviewing the report and get the information they require, use the guiding questions from the Expert Panel on SR&ED, visible on pages 16-17 in their Consultation Paper (.pdf). There are many groups who have already submitted and can get you started if you need ideas.
3) Promote & Raise Awareness.
Tell your peers in the industry. Share this information via LinkedIn®, Twitter, and other social media sites. Information in isolation means nothing – it’s when it spreads that it has an impact and the government takes note. Let’s be honest – many of the jobs would move south or offshore if it weren’t for the competitive edge this provides to companies. This will affect everyone involved in R&D in Canada. Make your voice heard – time is running out.