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Canada: Additional consultation on R&E program

Comments must be submitted by 27 May 2024.

April 29, 2024

The Department of Finance on 25 April 2024 released a new consultation paper to ask for additional feedback on potential changes to the Scientific Research and Experimental Development (SR&ED) program.

Finance 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 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.

Comments must be submitted to Finance by 27 May 2024.

Background


Finance launched two consultations in January 2024 on the SR&ED program. The consultation closed on 15 April 2024. Read TaxNewsFlash

In the 2024 federal budget, Finance provided an additional CA$600 million for the SR&ED program over four years beginning in 2025, and CA$150 million per year ongoing, for future enhancements to the program. Finance also announced that it would launch a second round of consultations to inform how to target this additional funding, including exploring how Canadian public companies could be made eligible for the enhanced credit. Read TaxNewsFlash

Read an April 2024 report prepared by the KPMG member firm in Canada

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