CRA has recently implemented a new Form T661, along with modified instructions. By making it easier for businesses to apply for the SR&ED tax credit, it hopes to encourage Canadian research. The SR&ED program is now offering a web based eligibility self-assessment tool and has also produced updated electronic and printed information for new and existing claimants.
As explained during informational sessions sponsored by CRA over the past few years, the Scientific Research and Experimental Development program continues to receive strong support. Claim volumes are up sharply as more and more companies become aware of the program and its benefits. In addition, service times per claim are decreasing for all claim categories. The reduction in claim review time is due in significant part to the dedicated focus brought to bear by the program administrators throughout the country.
Don't leave money laying on the table!
Don't believe the myths - no business is too small to claim their portion of research and development tax credits. We can help you see if money is owed to you at no obligation to you. Schedule your complementary consultation today.