SR&ED and Funding Seminar

On Tuesday, June 16, 2015, from 1:00 p.m. to 2:30 p.m., NorthBridge Consultants and Excellence in Manufacturing Consortium (EMC) is hosting a free seminar in Mississauga, Ontario, to help companies in the agri-food sector better understand government funding programs and Scientific Research and Experimental Development (SR&ED) tax credits, and especially how multiple government funding programs can be leveraged to execute business strategies.  Further details are available from the NorthBridge website.

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Upcoming SR&ED Webinars

Canada Revenue Agency is offering internet-based interactive presentations similar to the SR&ED in-person information seminars. These webinars are free, and are a good opportunity to learn about the SR&ED program.

Upcoming English webinar dates are as follows:

  • May 13, 2015 1:00 p.m. Eastern Daylight Time
    Register now
  • June 3, 2015 1:00 p.m. Eastern Daylight Time
    Register now
  • July 15, 2015 1:00 p.m. Eastern Daylight Time
    Register now
  • August 19, 2015 1:00 p.m. Eastern Daylight Time
    Register now
  • September 9, 2015 1:00 p.m. Eastern Daylight Time
    Register now
  • October 14, 2015 1:00 p.m. Eastern Daylight Time
    Register now
  • November 18, 2015 1:00 p.m. Eastern Standard Time
    Register now
  • December 2, 2015 1:00 p.m. Eastern Standard Time
    Register now
  • January 13, 2016 1:00 p.m. Eastern Standard Time
    Register now
  • February 10, 2016 1:00 p.m. Eastern Standard Time
    Register now
  • March 9, 2016 1:00 p.m. Eastern Standard Time
    Register now
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BCIDMTC and SR&ED Tax Credits

BC digital media companies can take advantage of SR&ED and the British Columbia Interactive Digital Media Tax Credit (BCIDMTC) together.    If a company has offices in both Ontario and BC, it is possible to apply for SR&ED, OIDMTC, and BCIDMTC, as long as eligible projects are taking place in each province.

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Start-Ups and SR&ED Tax Credits

According to Craig Mulcahy, a Partner at BDO,  Startups should investigate SR&ED because it is a good Year 2 cash flow tool for them-  however, just because you make an app doesn’t mean that you are eligible for SR&ED tax credits.  To avoid problems, it is recommended that start-up companies abide by the following guidelines.

1. Plan ahead- go through the CRA assessment tool and talk to CRA to get a quick assessment of whether you should apply. Ask an accountant or SR&ED specialist for a free consultation to see if it is worth proceeding.

2. Be realistic- be modest in your expectations; if your budget requires SR&ED funding to pay full-time staff, you may have problems.

3. Ensure that documentation is available- Learn about the documentation CRA requires and make sure you produce it throughout the year.

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Quebec Government Cuts Back on Lucrative SR&ED Tax Credit Program

Quebec Finance Minister Carlos Leitao announced cutbacks to the Quebec SR&ED tax credit program during his December 2nd economic update.  Although SR&ED is a federal program, each province or territory may also provide provincial or territorial tax credits to qualifying corporations carrying out SR&ED in their respective province or territory.

Effective immediately, minimum eligibility thresholds will be introduced for the Quebec provincial tax credit.  The provincial government will be establishing a minimum expenditure threshold situated $50,000 (for companies with less than $50 million in assets) and $225,000 (for companies with assets totalling over $75 million).  This threshold will increase linearly from $50,000 to $225,000 for companies with assets between $50 million and $75 million.

Secondly, Quebec’s enhanced SR&ED tax credit rates for research contracts, private partnership research, and fees paid to a research consortium will be standardized (to be set at same rate as researchers’ salaries) as of December 3, 2014.

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