Blogs

Highweb & Page Group Inc. vs. Her Majesty the Queen

This court case may lead to a serious reduction in what can be claimed for software development:

Notice of Objections (NOO) a New Approach from CRA

Expenditures must be reviewed before any SR&ED Tax Credits are allowed. Therefore, where that was no financial review at the assessment stage, CRA will request a concurrent financial review. This will eliminate any delay that would occur if CRA waited for the results from the Notice of Assessment Advisor (NOAA) before doing the financial review. The SR&ED division will decide the extent of the financial review required and will contact the taxpayer or the taxpayer’s representative to make the necessary arrangements.

SR&ED Dispute Resolution, Second Opinion: Action Requested

National Leadership Council member, Scott Murray, President & CEO, ClearPicture comments on the benefits and shortcomings of Canada’s flagship SR&ED program. His remarks support the community call for establishing a Dispute Resolution, Second Opinion Option for contested claims.

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.

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