Federal Government Expert Panel Calls for Changes to Canadian R&D Tax Credits
Potential adverse impact on small-and medium-size technology businesses
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/03/11 -- (Detailed analysis and expert commentary available - see below for details)
On October 17th, a six-member panel appointed by the Canadian Federal Government released a report recommending significant changes in the methods by which it distributes the $6.5 billion spent annually on tax credits and other incentives for private sector R&D.
Scitax, an independent consulting firm specializing in the taxation of technology business, has produced a detailed analysis of this report and how the Panel's recommendations would impact Canadian business if they are implemented by government. This analysis is summarized here; the full version is available free of charge through a URL link at the end of this release.
The panel is headed by Thomas Jenkins, Executive Chairman and Chief Strategy Officer of OpenText Corporation and, because of this, has come to be known as "the Jenkins Panel" rather than its official title which is The Independent Panel on Federal Support to Research and Development.
The 150-page report entitled "Innovation Canada: a Call to Action" makes six "core" recommendations, amongst which are reductions in the SR&ED R&D tax credit program and re-direction of the resulting savings towards so-called "direct funding" incentive programs. In this context, direct funding generally means either grants or contingent-repayable loans. One example of such a direct funding program was Technology Partnerships Canada (TPC) which had disbursed about $2.5 billion of public money before it was cancelled by the newly elected Conservative Government in 2006.
After a detailed analysis of this report, our firm has flagged four broad concerns pertaining to the panel's recommendations vis-a-vis changes to the SR&ED tax credit:
Scitax has produced a seven page bulletin on the Jenkins Panel's report. Our bulletin includes detailed analysis of the specific changes to Canada's R&D tax credits as proposed in the report and endnote citations for various supplementary "Learn More" resources.
The bulletin is authored by the following persons, all of whom are also available for comment on this issue:
Download the full text of the bulletin free of charge here: .
About Scitax....
Scitax is an independent, privately owned Canadian professional services partnership with specialist expertise in SR&ED tax credits. Our firm is comprised of chartered accountants and engineers with an affiliated organization of tax lawyers. We prepare new claims, deliver compliance training programs and help taxpayers resolve SR&ED related matters with the CRA.
To learn more about Scitax, please visit: .
Contacts:
For further information or to arrange commentary
from any of the above authors contact:
David Hearn
(416) 558-7866
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2011 - 06:30 Uhr
Sprache: Deutsch
News-ID 1052993
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
TORONTO, ONTARIO
Phone:
Kategorie:
Accounting, Audit and Tax
Anmerkungen:
Diese Pressemitteilung wurde bisher 175 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Federal Government Expert Panel Calls for Changes to Canadian R&D Tax Credits
"
steht unter der journalistisch-redaktionellen Verantwortung von
Scitax Advisory Partners LP (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
