Corporate Tax - SR&ED and other Innovation Tax Credits
Overview:
SR&ED Part 1 introduces the federal program for scientific research and experimental development tax credits. The course will provide you with information and skills required to navigate the SR&ED claim process including: who is eligible to claim refundable and non-refundable tax credits, what types of work are eligible and how the SR&ED program intersects with other government grants and loans. SR&ED - Part 1 provides you with an overview of the characteristics of eligible SR&ED as well as work that is not eligible. Eligibility will be illustrated with examples based on recent case law. The allowable and qualified expenditure rules are also covered, including the impact of government assistance, contract payments and other tax credits on the calculation of SR&ED tax credits.
Part 1 provides you with materials necessary for a basic understanding of the SR&ED program necessary to prepare SR&ED claims and to incorporate these claims into corporate tax returns.
SR&ED Part 2 builds on SR&ED Part 1 and presents more advanced content on specific aspects of this tax credit program. This updated course provides you with additional information and skills required to navigate the SR&ED claim process
SR&ED Part 2 provides a more in-depth review of SR&ED case law, tax legislation and CRA policies. You are provided information and skills required to navigate the SR&ED claim process including: who is eligible for refundable credits, how the courts interpret eligible work, qualified expenditures, government assistance and contract payments. Part 2 also covers eligible salaries and wages, cost of materials and ITC recapture.
Course Content:
In this course, you will gain knowledge about the following topics:
- Overview of the SR&ED program in Canada
- Who can claim SR&ED refundable and non-refundable tax credits
- Step by step approach to claiming SR&ED tax credits
- Factors to help you determine whether work is eligible for SR&ED tax credits
- Types of expenditures that qualify for SR&ED tax credits
- Calculation of qualified expenditures for investment tax credits including the impact of government stimulus payments on SR&ED claims
- Federal and provincial tax credit rates for different types of corporations
- Overview of SR&ED filing requirements, CRA reviews, assessments and appeals
- Update on SR&ED legislation and current cases
- Review of CCPC status and de facto control
- Eligible SR&ED Salaries or wages and the prescribed proxy amount for overhead expenses
- Government assistance and contract payments
- SR&ED materials, supplies and ITC recapture
Learning Objectives:
By the end of this course, you will be able to:
- Identify the characteristics of work that may be eligible for SR&ED tax credits
- Determine whether a company is entitled to claim refundable credits
- Research basic issues using the CRA website
- Apply this knowledge to file SR&ED claims using prescribed forms
- Navigate CRA reviews, proposals and appeals
- Analyze and apply complex SR&ED issues including eligibility of work, interpretation of CCPC status, calculation of eligible salaries or wages and the prescribed proxy amount, cost of materials, supplies and ITC recapture, government assistance including loans, grants and tax credits, and contract payments
- Consider and apply current issues impacting SR&ED claims including developments in case law and CRA assessing policies
Who Will Benefit:
- CPAs in public practice or industry seeking to understand the benefits, approaches and common pitfalls associated with claims for SR&ED and innovation tax credits.
- CPAs with experience in SR&ED seeking to update their knowledge of SR&ED legislation, other innovation tax credits, tax policies, audits and appeals