Season’s Greetings from your friends at TCA!
CRA Continues Support for SR&ED Claims
With all the news developing in Washington about the proposed tax overhaul, it’s important to remember that the existing tax rules are fully in place for the 2017 filing year. That means that when you’re filing your taxes next year, it is important to consider the federal Research Credit and the various state credits that […]
CRA Now Requires More Information About Claim Preparation
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 […]
CRA Announces New Claim Procedure
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 […]
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 […]