In October 2012 the Canada Revenue Agency (CRA) will be releasing a revised Form T661, Scientific Research and Experimental Development (SR&ED) Expenditures Claim, to accommodate the legislative changes proposed in the March 2012 federal budget that will be coming into effect starting January 1, 2013.
The following changes have been made:
- A new line (529) in Part 4 to reduce by 20% the expenditures for Arm’s length SR&ED contracts and Third-party payments incurred after December 31, 2012, from the payer’s qualified SR&ED expenditure pool.
- Changed description of line 820 to accommodate the 5% reduction in the prescribed proxy amount (PPA) for the number of 2013 calendar days in the tax year.
The revised version of Form T661(12) (revision code 1201) will be effective as of its publication date. You can submit the T661(11) version of the form until December 31, 2012; however, starting January 1, 2013, only the T661(12) version of the form will be accepted for all tax years.