WHY DO WE CARE ABOUT Scientific Research & Experimental Development (SR&ED)

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Presentation transcript:

WHY DO WE CARE ABOUT Scientific Research & Experimental Development (SR&ED)

$$ MONEY $$ 64.25% REFUND POSSIBLE

SR&ED BENEFITS Qualifying CorporationsOther Corporations Deductions100%100% ITC35%20% Refundable ITC100% CurrentN/A 40% Capital Proxy Election – Overhead Formula – 65% Expenditure Limit$3,000, Phase Out $400,000 - $700, $500,000 - $800,000 Taxable Capital New – Can claim some SR&ED salaries outside of Canada. SR&ED claim must be filed within 18 months of the Year End – Form T661 Alberta Tax Credit – New for 2009

WHAT IS SR&ED WHAT IS SR&ED “Systematic investigation or search that is carried out in a field of science or technology by means of experiment or analysis.” Basic Research… Applied Research… Experimental development, namely work undertaken for the purpose of achieving technological advancement for the purpose of creating new, or improving existing, materials, devices, products or processes, including incremental improvements thereto.” Key Criteria: Technological advancements Technological obstacles (uncertainties) Systematic investigation Qualified personnel Documentation

WHAT IS SR&ED Cont’ SOURCES OF INFORMATION: Income Tax Act: Sections 248 (1) Regulation 2900 Canada Revenue Agency IC 86 – 4R3 IC 97 – 1 IT 151 R 5 T 4088 Guide to Form T661 Application Policies and Guide Sector – Specific Guide CRA Website

ALBERTA SR&ED CREDIT Claimed on form AT1 Schedule 9 and Listing of SR&ED projects in Alberta Provides refundable tax credits for qualified corporation: Corporation with a permanent establishment in Alberta Carries on SR&ED activities in Alberta Applies to eligible expenditures incurred after December 31, 2008 Alberta ITC is 10% of the eligible expenditures to the maximum expenditure limit - $4,000,000. Alberta ITC reduces the federal qualifying expenditures ITC in excess of taxes owing is fully refundable for any qualified corporation Alberta SR&ED does not apply to Partnerships at the present time