In November of 2010, the Government of Canada tasked the CRA to take a closer look at the administrative procedures and policies of the Scientific Research and Experimental Development Tax credit program. To give a proper and just view of the program not only was the CRA involved, but public opinions were also gathered and presented. Just this past month, CRA released the first stage of the multi-faceted SR&ED Policy Review Project.
The policies and procedures of the program have not been adjusted, but rather the clarity of the policy documents, which now present the program in a user-friendly and approachable way. The following points are outlined in the release from the Canada Revenue Agency:
This is a positive step for the CRA in regards to closing the gap between claimant and reviewer. The clearer the policies are outlined and presented, the more innovative Canadian companies can truly maximize their benefits and fully understand the complexities of the program.
Questions about eligibility or the policy review project? Let BeneFACT review your R&D activities and make sure you are maximizing your SR&ED benefits. Contact a BeneFACT consultant today.