Government Funding

CRA Offers New SR&ED Tools & Services to Support Business Innovation

bigstock-Asian-Business-Team-29739074Earlier 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.

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2 Comments

  1. Hello Ryan

    Most of the time we were engaged in research, development and formulation work for various health products, almost 3 years and then we came out with good products to market.
    But lately realized that we can claim SR & ED only for previous 18 months or so. Ours is a new business, is there any possibility of claiming SR & ED from the date we started research sometimes in 2011. Please advise.

    Thanks
    With best regards

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