SR&ED Claims Made Easier

The Minister of National Revenue, the Honourable Jean-Pierre Blackburn, made an announcement recently regarding steps taken to make it easier for businesses to apply for the scientific research and experimental development (SR&ED) tax credit.

Due to the onerous filings previously required by the CRA with respect to SR&ED claims, many small to medium sized businesses failed to apply for the SR&ED tax credit. The Form T661, Scientific Research and Experimental Development (SR&ED) Expenditures Claim and accompanying guide have been made more user friendly and organized, and with a web-based eligibility tool being provided, claimants will be more likely to apply for the tax credit program which could ultimately result in more Canadian research projects being undertaken. The changes being implemented were announced in the 2008 budget.

More information on this program and the changes made are available at the CRA website located at www.cra.gc.ca/sred.

For more information on SR&ED and other tax credit programs, go to EverGreen Explanatory Notes on The Knowledge Bureau website. EverGreen provides an ever current in-house research and analysis department, the most recent news from The Department of Finance and CRA compliance updates.