Start Date: 2024-12-07
End Date: 2024-12-13

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Reforms to the SR&ED Tax Incentive Program Announced

The Government of Canada has announced significant reforms to the Scientific Research and Experimental Development (SR&ED) tax incentive program, aiming to enhance support for R&D activities. The expenditure limit for Canadian-controlled private corporations (CCPCs) to earn an enhanced 35% investment tax credit will increase from $3 million to $4.5 million. This change is expected to impact small- and medium-sized enterprises by increasing their capacity to invest in research activities. Additionally, the eligibility for the enhanced refundable credit will extend to Canadian public corporations, and capital expenditures will once again be eligible for deductions and tax credits. These reforms will take effect for taxation years starting after December 16, 2024, and are part of a broader strategy to drive innovation and economic growth.

Sources: ['Announcements: www.canada.ca', 'Announcements: www.canada.ca']