Aggressive offshore competition isn’t new to us here. Let’s face it – it can be tough to survive when products similar to yours can be purchased for a fraction of the price from a company that doesn’t even operate in Canada. This can lead to a huge reduction in sales, can result in non-profit situations, and can cause difficulties for any company that is trying to remain competitive. In some cases, this causes business closures.

Businesses need to do what they can to offset those financial situations, and reclaiming costs for projects where you faced challenges can help your company become profitable again.

The SR&ED (Scientific Research and Experimental Development) program can definitely assist in situations like this – a lot of expenses can build up through test runs, failed projects and lengthy experimentation, and reclaiming some of these costs can make a very large difference in a company’s financial standing. The recovered costs can help offset the effect that offshore competition may have on your business, and can be used to invest back into your company.

Have you taken a look at how SR&ED can help you remain competitive with offshore competition?

Join us on February 11th, 2010 at the Thornhill Golf and Country Club for a complimentary breakfast and an introduction to the SR&ED program. Learn how you can benefit from a program that annually provides over $4 billion to companies in Canada; this is the largest source of refundable tax credits in Canada, and only half of the eligible companies are taking advantage of it.

We will cover:

• How the SR&ED program operates, what work and expenditures are eligible, and what criteria must be met
• Recent changes to the program and what is needed to support your claim
• What amount you can expect from your return, and how the funds can benefit your business
• Audit preparation and what to expect if the CRA calls for a review
• and much more

Attendance is free, but registration is required as seating is limited.

Register now

A press release has been issued about some upcoming changes to the SR&ED program. A few points mentioned by Minister Blackburn today, while addressing the 13th Annual Tax Practitioner Information Session, relate to upcoming changes to the SR&ED program:

• starting on April 1st, 2010, reviewers will be spending more time explaining the program (requirements, application process, decisions made, etc) to claimants. Starting on the same date, if the CRA finds a company is missing eligible projects, they will let that company know sooner so they can resubmit their claim within the filing deadline.
• beginning in July, the CRA will be posting quarterly reports on their website as to how long it takes for them to review an SR&ED claim from start to finish.

These changes are a result of some of the feedback they have been receiving about the SR&ED program lately, especially in relation to the consistency of the program.

Minister Blackburn has also said that there will be more changes to the program in the future – we will be reporting on these changes as soon as we have word about them.