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Government of Canada Launches Review of SR&ED Program, Consultations on Program Modernization and Possible 'Patent Box' Regime
Friday, February 2, 2024
Government launches consultations to increase Canadian research and development and intellectual property retention
Vancouver, BC, February 2, 2024--(T-Net)--The Government of Canada announced that it is launching consultations on improving support for research and development and on creating and retaining intellectual property in Canada.
The Scientific Research and Experimental Development (SR&ED) program supports Canadian businesses of all sizes and in all sectors that conduct research and development (R&D) by providing tax incentives (both a deduction against income and an investment tax credit).
As a cornerstone of Canada's innovation strategy, in 2021, the tax credit provided approximately $3.9 billion in support for R&D to over 22,000 businesses in Canada.
The government says it has committed to undertaking a review of the SR&ED program to ensure that it is effective in encouraging R&D that benefits Canada, and to explore opportunities to modernize and simplify it.
The government will also consider whether the tax system can play a role in encouraging the development and retention of intellectual property stemming from R&D conducted in Canada through a patent box regime.
A patent box provides a preferential tax rate to income derived from certain types of intellectual property to incentivize research and development.
To enhance support for innovative Canadian businesses, the Department of Finance today launched consultations on:
All Canadians and stakeholders are invited to share feedback by emailing SRED-PB-RSDE-RPB@fin.gc.ca by April 15, 2024, with either "SR&ED Review" or "Patent Box" as the subject line, as appropriate.
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