The 2022 budget promises to review the Scientific Research and Experimental Development (SR&ED) program to ensure it is effective in encouraging research and developement. In addition, it will reconsider its eligibility criteria, and simplify the program. Part of the review will look at whether or not the tax system can play a role in encouraging the development and retention of intellectual property stemming from research and developement conducted in Canada
While the SR&ED program has long been a cornerstone of Canada’s innovation strategy, many start-ups have been frustrated with accessing the program. Once in, they faced onerous amounts of paperwork. Canadian innovation-economy executives expressed concerns that too much money went into large companies or multinationals. This new initiative by to review the SR&ED program is aimed at eliminating these concerns.
For more information, and to find out if you may qualify for these benefits, call Jason Adams, 877-753-2678, or email Jason [email protected]