The Canada Revenue Agency (CRA) launched its improved online SR&ED Self-Assessment and Learning Tool (called SALT for short) to its resources page this morning. If you’ve already tried the existing Eligibility Self-Assessment Tool (ESAT), you can use SALT to take it one step further and help you predict the likelihood of receiving a SR&ED tax credit for your work. You can enter your work and expenditures as well as answer a few focused questions.
According to the CRA, the purpose of the SR&ED Self-Assessment and Learning Tool is to help you:
- understand the definition of SR&ED;
- understand the requirements for the eligibility of work;
- determine if your company project might include SR&ED work;
- determine the extent of eligible work that you may have performed; and
- estimate the associated SR&ED expenditures and your Investment Tax Credits (ITC).
Let us know if you’ve tested out the tool and what you think!