The second round of consultations for the Scientific Research & Experimental Development (SR&ED) Tax Incentive Program is now open. With $600 million in funding recently promised in the federal budget to enhance the SR&ED program from 2025-2029, these consultations will guide the delivery of the funding.
The consultation will focus on key questions raised surrounding the potential expansion of eligibility to include public corporations; the possible transformation of the non-refundable general credit into a refundable credit; and the potential expansion of the SR&ED definition to incorporate some commercialization activities.
To inform improvements of the program, feedback is wanted in understanding challenges that public SMEs face in accessing financing; how refundable credits impact investment decisions; which activities could be added to broaden the existing scope of SR&ED; how the program can better support R&D in the digital age; how the program can support intellectual property protection; and more.
Learn more about the consultation here and provide your feedback by May 27, 2024.