Earlier this month the Canada Revenue Agency (CRA) launched two tools for innovative businesses that are interested in learning about SR&ED tax credits. The tools are called the “Self-Assessment Learning Tool (SALT)” and the “First Time Claimant Advisory Service” (FTCAS), as a part of its Red Tape Reduction Commission Consultations (RTRC).
Businesses can Utilize SALT to Learn Whether or Not they are Eligible for SR&ED Tax Incentives
SALT is a free online tool that gives businesses that conduct research and development the opportunity to find out whether they may be eligible to receive SR&ED tax incentives. Through online questions, answers and examples business owners can gain a better understanding of their eligibility, as well as tips to help them prepare their SR&ED claims.
CRA Offers FTCAS, a Free In-Person Service for First-time SR&ED Claimants
FTCAS involves local CRA staff with extensive knowledge of SR&ED meeting in person with first time claimants, at their place of business, in order to help them better understand the program, as well as share tailored information on what type of work may or may not be eligible, expenditures, and documentation requirements.
FTCAS and SALT Aim to Expand Access to the SR&ED Program
The goal of these two new initiatives is to help SR&ED claimants better access to the SR&ED program and the benefits it offers. The CRA believes that better educated business owners will mean few complications when making claims and hence a reduction in the administrative burden and processing delays. Fewer complications and delays in making SR&ED claims means “small and medium-sized businesses will spend less time filling out paper work leaving them more time to continue to create jobs and grow the Canadian economy,” said a spokesperson for the CRA.