The recently released Ontario 2016 Budget made some modifications to the SR&ED program which could impact CCPC (Canadian Controlled Private Corporation) and non-CCPC significantly. Two Ontario SR&ED tax credits, namely - The Ontario Innovation Tax Credit (OITC) and Ontario Research and Development Tax Credit (ORDTC) have undergone reductions. OITC decreased from 10% to 8% and ORDTC from … [Read more...] about Ontario SR&ED Budget Update
If you are in the Pulp & Paper industry, then this article will provide you with the key guidance on claiming your SR&ED tax credit. Before we go into the details, we must make sure who is covered and who is not covered. Targeted Claimants for SR&ED Tax Credit If you are from the logging, forestry or wood products sectors, then this guidance article will not be relevant to you. Your … [Read more...] about Tax Credit for Pulp and Paper Companies
The emphasis on scientific development and experimental development, or simply SR&ED, in Canada can be seen in two levels. Not only the federal government in Canada promotes SR&ED, the provincial as well as the territorial government are also encouraging it. The federal SR&ED program and the provincial tax credit programs together form a solid platform to initiate R&D. These two … [Read more...] about SR&ED Tax Credits for Canadian Provinces
The supporting documentation and evidences to defend SR&ED claims could be any of the followings: -Project planning documents -Documents on design of experiments -Experimentation plan -Design documents and technical drawings -Project records, laboratory notebooks -Design, system architecture and source code (software development) -Records of trial runs -Project progress reports -Photos, … [Read more...] about What documents and evidences would support SR&ED projects?
There are various grants available for small to medium size businesses in Canada to help starting or expanding your business. The business grants would be either from government or private sectors and will be delivered in the form of cash or tax credit. The available grants cover the following areas: Hiring and Training Initiatives Export Market Business Expansion Research and … [Read more...] about Grants available to expand your business and take it to the next level
CRA's best effort is to deliver SR&ED grants in a timely, consistent, and predictable manner, while encouraging research and development (R&D) performers to prepare their claims in compliance with tax laws, policies, and procedures. There are four major processing categories determined by CRA in which aimed to be met 90% of the time: refundable claims – 120 calendar days from receipt of … [Read more...] about How soon the government money will be in your business hands?