The Federal Budget – The Braithwaite ‘Take’ for SR&ED Tax Credit

The federal budget is 304 pages long; of the 304 pages, there is one paragraph regarding the SR&ED tax credit program. In that one paragraph, most is a reiteration of the purpose of the program and only a few lines comment on changes.

‘The government intends to undertake a review of the program’.

In short, there are no changes specified at this time or no time for specified changes. How does this affect you? This demonstrates how important it is to be working with a firm that has its pulse on the program and all changes and interpretations. The program is always in a state of flux and as such, it is important to be aware of real changes if and when they happen; what is set today, may not be the same tomorrow.

Make it your mandate this year to ensure your claims are up to date – filed as possible within the soft deadline – and filed complete so that when and if changes do come, you have time to consider and incorporate as required. You do not want to be in a situation with hard deadlines and new criteria to consider with the clock ticking.

In summary:
Work with a company that specializes on the program and is current on the latest changes and interpretations. Ensure your claims are up to date and filed as possible by the soft deadline.

Contact Braithwaite to discuss your objectives and how we can help make them happen.

Source:
Government of Canada – https://budget.gc.ca/2022/home-accueil-en.html