The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today tabled her third budget – “A Made in Canada Plan” – which plans to build a stronger, more sustainable, and a more secure Canadian economy – for everyone.
On April 7, the Newfoundland and Labrador government released their 2022 budget. The following are highlights of the key tax measures.
March 19, 2019 by John F. Oakey
Heading into the 2019 federal budget, many Canadian businesses were hoping the Liberal government would backpedal on several years of restrictive tax measures. It started when they took office and promised to review the Income Tax Act, eliminating unnecessary tax deductions and credits – but it didn’t stop there.
December 5, 2018 by Daniel Coccimiglio
In July 2017, the Canadian Advanced Technology Association (CATA) published its update on SR&ED. Most of us are aware that in the 2012 federal budget, the federal government made cuts to the SR&ED program, through changes to both tax credit rates and eligibility rates for qualified SR&ED expenditures.
October 25, 2018 by Craig Hoover
The Canadian Agricultural Partnership (CAP) launched on April 3, 2018. This five-year federal and provincial initiative is designed to strengthen agriculture, agri-food and other agri-based businesses across Canada. While some provinces are fine-tuning their agreements, CAP in Ontario has been implemented to provide funding in order to boost competitiveness, prosperity and sustainability within the agricultural sector.
November 23, 2017 by Nadia Pulla, Salome Victor
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September 13, 2017 by Stephen Rupnarain
An earlier version of this Tax Flash was originally published on May 11, 2017. The following version has been amended to reflect important updates as of Sept. 8, 2017.
As proposed in the March 22, 2017 budget, every professional must include year-end work-in-progress (WIP) into taxable income effective for taxation years beginning after March 21, 2017. WIP for professionals typically represents unbilled professional time and cost incurred in the rendering of services to clients. This is often captured in the form of a professional’s “charge-out” rate, which represents their cost, overhead and some profit component.
May 11, 2017 by Stephen Rupnarain
This information is current to May 11, 2017. Please refer here for an updated version of this Tax Flash.
As proposed in the March 22, 2017 budget, every professional must include year-end work-in-progress (WIP) into taxable income effective for taxation years beginning after March 21, 2017. WIP for professionals typically represents unbilled professional time and cost incurred in the rendering of services to clients. This is often captured in the form of a professional’s “charge-out” rate, which represents their cost, overhead and some profit component.
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*Updated on January 4, 2017
Effective December 1, 2014, FedDev Ontario will re-open the SMART program, a grant benefitting small businesses in the manufacturing sector. The SMART program will fund up to 35 per cent of eligible costs to a maximum contribution of $100,000 for advancements focused on improving productivity through the adaption or adoption of new or upgraded advanced technologies, materials or processes.
The Honourable Jim Flaherty, Minister of Finance, today tabled Canada’s Economic Action Plan 2013, a budget focused on balancing the budget during this Parliament. This budget introduces skills training initiatives, a federal infrastructure plan and new investments to support manufacturing and innovation in Canada.
Scientific Research & Experimental Development Program Changes
On November 10, 2008, the Canada Revenue Agency ("CRA") released a new Form T661 and Guide to Form T661 reflecting changes to the scientific research and experimental development ("SR&ED") tax credit filing requirements. The new filing requirements represent one of the biggest changes to the SR&ED program since the introduction...
Canadian businesses that conduct scientific research and experimental development (SR&ED) in an effort to discover new, improved, or technologically advanced products or processes will have increased access to Investment Tax Credits (ITCs). The SR&ED incentives provided by the federal and provincial governments are considered among the best in the world....
The Canada Revenue Agency's Scientific Research and Experimental Development (SR&ED) program is a tax credit incentive encouraging SR&ED in Canada. The program is used annually by more than 12,000 companies and provides nearly $2 billion per year in tax credits to those businesses. These companies receive a 20-35% investment tax...