On August 28th, Honourable Kerry-Lynne D. Findlay, Minister of National Revenue and Peter Baird, Member of Parliament for Kitchener, met in Kitchener to discuss available tax relief measures with members of the high-tech business industry. As reported on the CRA website, the meeting focused on three main programs set up to alleviate tax burden on small businesses in Canada.
Apprenticeship Job Creation Tax Credit (AJCTC)
Hiring Credit for Small Business (HCSB)
Scientific Research & Experimental Development Tax Credit (SR&ED)
The article continues on to discuss how these and other measures are supporting Canadian businesses by relieving the tax burden while encouraging workers to enter skilled trades fields. These three tax relief plans are all great, but not discussed are the changes that will be occurring to the SR&ED program. For example, the article mentions 40% refundable ITC on qualified capital expenditure, but this is actually being phased out completely. These programs are encouraging for industrial fields, but there should be more focus on improvements to the program rather than celebrating simply what’s left.
To read the full article, visit the CRA website: http://www.cra-arc.gc.ca/nwsrm/rlss/2013/m08/nr130828-eng.html?rss
For more information on the benefits of SR&ED, visit https://benefact.ca/sred-overview.html