CRA Continues Support for SR&ED Claims

Canada Revenue Agency continues to issue new guidance regarding requirements for submission of supporting documents relating to claims for tax credit support. Recent regulatory changes have provided new guidance for those seeking to claim benefits. For example, the requirement for separate and distinct reports to be submitted for each and every project claimed has been […]

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Research Credit Extended Through 2013

As part of the “fiscal cliff” legislation passed in January, the federal Research Credit was extended through December 31, 2013. The bill also extended several other expiring provisions of the tax code. This is the 15th time that the Research and Development tax credit has been renewed since its inception in 1981. President Barack Obama […]

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Appeals Court Eases Rules on Qualified Research Expenses

The United States Court of Appeals for the 5th Circuit issued a ruling on June 9, 2009 that directs a lower court to ease interpretation of IRS rules on research credit calculation, and particularly endorses the use of reasonable estimates when precise cost figures are not available. In USA v. McFerrin, the IRS claimed that […]

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CRA Now Requires More Information About Claim Preparation

As part of an ongoing and important effort to ensure that government incentives are properly allocated, CRA guidance issued in March, 2013 clarifies that all claimants must declare whether they employed a consultant to help with their SR&ED claim preparation, and if so, to name that consultant. This action is in direct response to observed […]

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CRA Announces New Claim Procedure

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 […]

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