SR&ED Updates

10% Alberta SR&ED Tax Credit

Qualified corporations receive an extra 10% tax credit on eligible SR&ED costs incurred in Alberta. Ask us how we can increase your claim.

Technology Tax Credits continually monitors changes to federal and provincial SR&ED claim processes to ensure that your company complies with the latest requirements and takes advantage of the newest R&D incentives.

New SR&ED Claim Process

Canada Revenue Agency has revised their claim forms for 2009 with the intent to streamline the process of filing and reviewing SR&ED claims. The new claim forms are mandatory for 2009 taxation year-ends, but companies whose tax year ends on or before Dec 31, 2008, can choose to submit either the new or old version of the forms. The revised forms demand more clarity and conciseness in technical project descriptions and a more organized approach to R&D record keeping. For companies with multiple R&D activities or large multi-year projects, the SR&ED claim process may require longer preparation time and greater attention to detail to meet the new filing requirements.

Major changes to the SR&ED claim form:

  • The previous form allowed claimants to submit technical project descriptions for only the 20 largest projects. Now all projects must be reported. This will lengthen the filing process for companies engaged in a high number of R&D activities.

  • The new form requires additional information and more specific details for each technical project description. These changes call for companies to maintain accurate and complete R&D documents and time records to support the claim.

  • Project descriptions are now restricted to 1400 words with no accompanying images. The new limits impose more succinct project descriptions, making it more challenging to report the R&D work for large, complex projects.

  • CRA no longer allows SR&ED claimants to file large multi-year projects at the program level. The new form is designed to sub-divide program-based projects into smaller project entities.

  • For each project, the supporting documentation and field of science or technology must be selected from pre-defined lists. The list categories require careful consideration of technological advancements and documentation processes.

Contact us to ensure that you meet the new SR&ED filing requirements for 2009.