November has brought good news to the SR&ED front for biopharmaceutical companies in Quebec!
Finance Minister Nicolas Marceau and the newly elected Parti Quebecois have tabled their first budget for 2013-2014, and included are changes to existing SR&ED Tax Program policies. The province of Quebec has increased the refundable SR&ED eligible salary of biopharmaceutical employees and sub-contractors by up to 10%.
To be approved for these new percentages, your company must show eligibility as a biopharmaceutical company. If approved, a certificate from Investissement Quebec will be issued. Note that a new certificate must be issued for each year of application for the SR&ED tax credits.
This is a big step in the growth of SR&ED throughout the province of Quebec. Along with the changes to SR&ED, the budget speech also mentions supporting the green industry with a $200-million fund for the development of clean technology and electric transportation and a $125-million matching funding envelope over 5 years to foster private-public research partnerships
Not only are these changes wonderful for the SR&ED program itself, but also for the whole innovation and manufacturing sector in Quebec.
You can read the full budget here.