KPMG Introduces EIC Tenants to Potentially Lucrative Tax Incentive Program
December, 15 2014
By the Elgin Innovation Centre
This past Friday the Elgin Innovation Centre hosted KPMG staff Rich McDonald and Rob Connell as they presented to EIC tenants the SR&ED (pronounced "shred") Tax Incentive Program. Here is a summary:
The Scientific Research and Experimental Development (SR&ED) Tax Incentive Program, administered by the CRA, has assisted many KPMG clients to maximize the income tax credits and benefits associated with the federal and provincial SR&ED program.
The purpose of the program is to encourage Canadian businesses of all sizes and in all sectors to pursue improvement in their processes, technology and products. According to the CRA, "the SR&ED Program is the largest single source of federal government support for industrial R&D" 1. The federal government spends approximately $3.5 billion annually through this program.
Over coffee and muffins our tenants were able to ask Rich and Rob about specific projects in their companies and whether they would qualify for the program. As the CRA points out, "claimants can apply for SR&ED investment tax credits for expenditures such as wages, materials, machinery, equipment, some overhead, and SR&ED contracts."1
For more information about the SR&ED Tax Program visit the CRA website or contact us and we will happily connect you with Rich and Rob.
More about KPMG:
KPMG provides Audit, Tax, and Advisory services and industry insight to help organizations manage risk and performance in the dynamic and challenging environments in which they do business.
Click here to go to KPMG's website.
1 | http://www.cra-arc.gc.ca/txcrdt/sred-rsde/bts-eng.html