Canada Revenue Agency Supports Business Innovation with New SR&ED Tools and Services

Feb 26 2014
By: boastcapital
Categories: News
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First-Time Claimant Advisory ServiceThe Canada Revenue Agency (CRA) recently announced two new programs to help first-time claimants more easily access the SR&ED program and benefit from its incentives, while reducing the red tape burden that results from federal government rules and regulations.

1. Self-Assessment Learning Tool (SALT) is an online tool that helps businesses conducting research and development to find out if they may be eligible to receive SR&ED tax incentives. Through specific questions, answers, and examples, SALT helps business owners understand the SR&ED program’s eligibility requirements and offers information and tips to help them prepare their SR&ED claims.

2. First-Time Claimant Advisory Service (FTCAS) is a free, in-person service for first-time SR&ED claimants. Local CRA staff with extensive knowledge of the SR&ED program will meet with first-time claimants, at their place of business, to help them get a better understanding of the SR&ED program, and provide them with tailored information for their business on work that may be eligible, as well as expenditures and documentation requirements.

The SR&ED program is the largest federal tax incentive program providing more than $3.6 billion in tax assistance to over 23,000 claimants. Well-informed claimants will be better equipped to avoid future complications when making a claim, thereby reducing the administrative burden and processing delays while increasing the chances of a successful claim if requirements are met. Through these initiatives, the CRA aims to reduce the administrative burden for small and medium sized businesses in Canada so they can focus on growing their businesses.

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