Blogs

OCE & OAC Partner to Propel Ontario's Aerospace Industry

The Ontario Centres of Excellence (OCE) and the Ontario Aerospace Council (OAC) are partnering with the newly formed Consortium for Aerospace Research and Innovation in Canada (CARIC) to identify and develop new opportunities to increase industry and academic R&D collaborations in Ontario (Canada’s second largest aerospace sector).

The CMF announces preliminary program budget and performance envelopes

The Canada Media Fund (CMF) announced on 31st March, 2011 their preliminary program budget for the upcoming year (2012) will amount to $271,000,000.

You can read more at the CMF web site.

NRC to focus on four "poster child" projects

The National Research Council is quietly planning to divert a large proportion of its budget to a small number of new “poster child” projects that it believes to be of national importance.

The decision — not yet publicly announced — comes from president John McDougall, who has already notified his staff that he wants to see more work in direct support of industry and less “curiosity” research, or pure science.

Response: Unlimited Project Filling Requirement Lifted

With the introduction of the new T661 form in 10th November 2008 CRA announced that claimants were required to include information on the form for each project undertaken. Claimants with more than twenty projects were very upset by this requirement. Based on taxpayer representations the implementation date was extended.

Unlimited Project Filling Requirement Lifted

With the introduction of new T661 form in 10th November 2008 CRA announced that claimants were required to include information on the form for each project undertaken. Claimants with more than twenty projects were very upset by this requirement and based on taxpayer representations the implementation date was extended.

Minister of Finance Proposes Amendments Concerning the Income Tax Treatment of Certain Expenditures

Today the Minister of Finance tabled a Notice of Ways and Means Motion proposing amendments to the Income Tax Act.

Treatment of Employee Stock Options

It has been proposed that the amount of an expenditure allowable to a taxpayer, and upon which a tax credit or deduction may be claimed, is limited to the amount actually disbursed by the taxpayer.

Minister Proposes Extending Carry-Forward Periods for Business Losses and Investment Tax Credits

Today as part of an Economic and Fiscal Update the Minister of Finance proposed that the period for which non-capital losses and investment tax credits can be carried back and forward be extended. Non-capital losses can currently be carried back up to 3 years and can also be carried forward. The 2004 budget extended the period over which non-capital losses can be carried forward from 7 to 10 years. It has now been proposed to extend the non-capital loss carry-forward period of all taxpayers to 20 years.

General Rules Concerning the Treatment of Government and Non-Government Assistance

Today the CRA released a new Application Policy concerning the treatment of government and non-government assistance as it relates to the SR&ED. The paper makes a strong statement on the CRA’s position that projects that government assistance is applied on a project by project basis, and that the value of any individual project can never be reduced below zero.

New Application Policy Paper on Shared-Use-Equipment

Today the CRA released a new Application Policy Paper on Shared-Use-Equipment.

The purpose of this paper is to clarify the application of the rules for shared-use-equipment (SUE) and prescribed depreciable property (PDP) when administering the scientific research and experimental development (SR&ED) legislation under the Income Tax Act (the Act) and the Income Tax Regulations (the Regulations).

SR&ED 2005-01 Shared-Use-Equipment

Addition to Application Policy on Plastics Materials, Processing, Equipment and Tool Making Guidance Document

Today the CRA released materials on “validation” as an addition to this policy paper. The CRA provided the following statement with this release. ” The “Plastics Materials, Processing, Equipment & Tool Making” guidance document deals mainly with plastics processing and mould making issues . A CRA/industry task force is presently completing this document with a final section on scale-up and related issues. The first part of this section deals with validation; it was added in August 2005.

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