Finance released a new consultation paper on April 25, 2024 to ask interested stakeholders to provide additional feedback on potential changes to the SR&ED program. Finance notes that it is now seeking feedback on the best use of additional funding allocated to the SR&ED program in the 2024 federal budget, as well as to address suggestions raised in earlier stakeholder submissions.
In particular, Finance is now asking for responses to specific questions to further explore potential changes proposed by stakeholders, including to allow small- and medium-sized public corporations to access the enhanced SR&ED refundable tax credit or to make the general SR&ED credit refundable, and to expand the SR&ED definition to allow for some aspects of commercialization activity, among other topics. Interested stakeholders who wish to provide input can submit comments to Finance by May 27, 2024.
Download this edition of the TaxNewsFlash to learn more.
