Update: A Summer of Economic Consultations
September 12, 2012
There has been a flurry of submissions to Finance Canada throughout the summer regarding various aspects of the Federal 2012 Budget. The Budget announced a broad array of changes to the SR&ED tax credit for R&D investment. The legislation introducing these changes has been circulated for comment from interested parties by September 12. The Budget also raised concerns about third party tax filers for SR&ED claimants and has initiated a consultative process on that issue. ITAC Tax and Finance Forum Chair Karen Atkinson will participate in the consultation later in September.
The Budget also expressed the Government’s intention to address the chronic shortage of venture capital in Canada with $400 million allocation. ITAC’s submission on how this money should be used can be found here. Finally, in preparation for Budget 2013, ITAC has filed a submission with Finance Canada regarding measures it would like to see put in place, which can be found here. For further information please contact Lynda Leonard.