Canada Revenue Agency Supports Business Innovation with New SR&ED Tools and Services

First-Time Claimant Advisory Service

The Canada Revenue Agency (CRA) recently announced two new programs to help first-time claimants more easily access the SR&ED program and benefit from its incentives, while reducing the red tape burden that results from federal government rules and regulations.

1. Self-Assessment Learning Tool (SALT) is an online tool that helps businesses conducting research and development to find out if they may be eligible to receive SR&ED tax incentives. Through specific questions, answers, and examples, SALT helps business owners understand the SR&ED program’s eligibility requirements and offers information and tips to help them prepare their SR&ED claims.

2. First-Time Claimant Advisory Service (FTCAS) is a free, in-person service for first-time SR&ED claimants. Local CRA staff with extensive knowledge of the SR&ED program will meet with first-time claimants, at their place of business, to help them get a better understanding of the SR&ED program, and provide them with tailored information for their business on work that may be eligible, as well as expenditures and documentation requirements.

The SR&ED program is the largest federal tax incentive program providing more than $3.6 billion in tax assistance to over 23,000 claimants. Well-informed claimants will be better equipped to avoid future complications when making a claim, thereby reducing the administrative burden and processing delays while increasing the chances of a successful claim if requirements are met. Through these initiatives, the CRA aims to reduce the administrative burden for small and medium sized businesses in Canada so they can focus on growing their businesses.

Keep reading

SR&ED

Plurilock Security Innovation Bolstered by SR&ED Tax Credits Partnership with Boast

9 Common Questions the CRA Uses to Determine SR&ED Eligibility

Respect Group Makes Canada Safer Through SR&ED Tax Credits and Partnership with Boast

US R&D Credits

Nols and R&D tax

R&D tax credits and NOLs: Here’s why you need to take advantage of both

Qualifying for State R&D Tax Credits in New York

Qualifying for State R&D Tax Credits in Texas

Business Growth

Designing for Hyper-Growth with Elad Gil

Google’s Secret to Unlocking Your Team’s Superpower: 3X Productivity & Growth

How to Use Referral Marketing to Scale Your Business 10X Faster