Countdown to the End of SR&ED Eligible Capital Expenditures (Views: 5500)
Tue, 10 Dec 2013
(This text is also available in French)
You have until December 31, 2013 to purchase and ensure new equipment is available for use if you want to claim SR&ED tax credits on this equipment. Following this date, equipment purchases will no longer be eligible for SR&ED tax credits.
You have until December 31, 2013 to purchase and ensure new equipment is available for use if you want to claim SR&ED tax credits on this equipment. Following this date, equipment purchases will no longer be eligible for SR&ED tax credits.
Salaries, materials consumed, materials transformed, contract payments, and overhead will remain eligible, but at a reduced rate of 15% instead of 20% for non-Canadian-controlled private corporations (the enhanced rate for Canadian-controlled private corporation will remain at 35%). As well, the prescribed proxy amount will be reduced to 55% of direct labor costs from 60% starting January 1, 2014 for all claimants.
It may be time to do some last minute Christmas shopping, if you want to benefit from the current SR&ED tax credit rules.
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