Think all your holiday shopping is done? You may want to think again if you’re involved in R&D in Canada!
December 31st, 2013 is the final day companies are able to claim capital expenditures as part of the Scientific Research & Experimental Development tax credit program (known as “SR&ED” or “SRED”). This is just one of the many changes that have been occurring within the program, but it’s definitely an important one. It may be worth doing a little shopping around if you need to purchase new equipment for your R&D activities.
There are still a few days left to take advantage of this benefit, which is great news. However, it’s important to be aware of the rules so there are no unnecessary purchases.
Below are a few of the criteria considered when claiming capital equipment as SR&ED:
Lucky you, Manitoba!
Manitoba is the only province to be exempt from this particular amendment. Manitoba companies will still be able to claim capital equipment in their Provincial claims after the deadline.
Before you buy, make sure to call a BeneFACT SR&ED Consultant to discuss your purchase, and to evaluate the eligibility of the equipment. Even if it’s just a simple phone call, BeneFACT is always happy to help. Our BeneFACT company office is open for most of the holidays, so don’t hesitate to call or email and we’ll put you in touch with one of our SR&ED experts.
Please note our office will be closed the following days:
*The information above is meant for informational purposes only, and not to be used as financial or legal advice.