The Nova Scotia Tax Services Office is providing free information seminars to provide a general overview of the SR&ED program, in order to to explain eligibility criteria, what expenditures are eligible, and how to file a SR&ED claim. Their next Halifax seminar, on September the 25th, is intended for accounting firms and tax preparers who prepare SR&ED claims. There is no charge to attend. Pre-registration is required, as seating is limited.
Date: September 25, 2014
8:15 a.m. to 8:30 a.m. – Registration
8:30 a.m. to 12:30 p.m. – Session
1557 Hollis Street
Halifax, Nova Scotia
This location is wheelchair accessible. If you need more information, please contact Jacques Fournier at 506-856-9189. Register online now.
Collins Barrow Toronto has launched its Scientific Research and Experimental Development (SR&ED) tax recovery practice. Led by the firm’s newest director, Dale Wilson, the group is comprised of senior industrial engineering specialists and specialized tax accountants working to ensure companies maximize investment tax credit benefits.
“When properly applied, the SR&ED program can result in substantial tax savings, however many often do not realize optimal benefits or realize that they have activities that qualify. Eligible private companies can receive over 50% of their qualifying expenditures as a cash refund and larger private and public companies can receive over 30% of their qualifying expenditures as a tax credit,” says Enzo Testa, Senior Tax Partner. “Bringing this calibre of specialized expertise in-house ensures that our clients are well supported as they continue to spur innovation in some of the country’s key industries.”
Canada Revenue Agency will be hosting 2 pilot webinars on the SR&ED program. These free public online interactive webinars will provide a general overview of the Program, explaining the eligibility criteria, what expenditures qualify, and how to file a Scientific Research and Experimental Development (SR&ED) claim.
Upcoming webinar dates and times are as follows:
The CRA website has been updated with the complete Claim Review Manual (CRM) for Research and Technology Advisors. The new CRM cancels and replaces The Guide to Conducting a Scientific Research and Experimental Development (SR&ED) Review and Directive 2004-03 SR&ED Reports and is effective June 1, 2010.
As of January 1, 2014, Part 9 of the Form T661 (13) for SR&ED must be completed with details about the claim preparer(s) involved. If any of the prescribed claim preparer information is missing, incomplete or inaccurate, a penalty of $1,000 may be assessed.
An optional T661 (13) filing measure has been introduced by the CRA. There are now two options available:
- Complete T661 (13) Parts 1-10 in its entirety, or
- Use the optional filing measure to file details about the billing arrangements separately
- Check the appropriate box at line 935 attesting to whether a claim preparer was engaged in any aspect of the preparation of the claim;
- Provide the name of each claim preparer – line 940;
- Provide each claim preparer’s business number – line 945;
- Certify that the information provided in this part is complete and accurate – line 970;
- Sign and date Part 9 – line 975.
- Omit the billing arrangement code, billing rate, other billing arrangement(s) or the total fee paid, payable or expected to pay – lines 950, 955, 960 and 965 respectively.
- Submit a separate paper copy of the T661(13), completing only Part 1 – General Information, and Part 9 – Claim preparer information. Do not resubmit Parts 2 through 8 or Part 10 of the T661(13).