In their effort to streamline the SR&ED tax credit program, the CRA has announced the Formal Pre-approval Process (FPAP) Pilot Project. The FPAP pilot is set for release in the spring of 2013, and is being launched with the hopes of improving predictability of SR&ED outcomes. Find out more about the FPAP Pilot Project at the CRA website.
Sound interesting? The CRA has put out a call for companies to take part in the project. In order to take part in the pilot, companies must meet a certain criteria including:
In addition to the FPAP, the CRA is also enhancing the current online Eligibility Self-assessment Tool (ESAT). Only a select few will be participating in the ESAT preliminary version, and the results will be posted on the CRA website.