No Smooth Sailing for Bill C-45

By: BeneFACT Marketing in Corporate News, SR&ED

November 29th, 2012

Opposition to Bill C-45 good news for SR&ED Tax Program.

It’s no surprise that opposition has occurred in regard to the second Budget Implementation Act – otherwise known as Bill C-45. What is surprising is that the Liberals have submitted a staggering 3,000 amendments to the bill. This will likely cause the house to have to go through all amendments clause by clause. A definite headache for those in support of the bill.

Although environmental issues are taking centre stage, there is also a significant change proposed that needs to be discussed in regards to the SR&ED Tax Credit Program. The Liberals have recommended extending the phase out period in regards to the proposed changes for the Scientific Research and Experimental Development tax credit program.

Below is a list of changes being proposed by Bill C-45:

Some, including Finance Minister Jim Flaherty, say these proposals set forth are purely a publicity stunt. What we say is that whether or not it’s a stunt, we like to see opposition to a bill that may change the SR&ED program for the worse, and opposition such as this shows strong support for a program that helps so many Canadian businesses in the innovation field.

Read about this and other amendments at canada.com

Questions about how the proposed changes may affect your SR&ED tax benefit claim? Contact BeneFACT Consulting Group today and get informed.