Signal49 Research asked business leaders from the Information and Communications Technology sector how the R&D tax credit provided under the Scientific Research and Experimental Development program could be made even more attractive. This report contains their innovative suggestions.
Document Highlights
In the face of globalization, a country must have an attractive policy environment to encourage increased industrial R&D investment. In Canada, a key component of this policy is the R&D tax credit provided under the Scientific Research and Development SR&ED) program.
Business leaders from the Information and Communications Technology sector were asked for their input as to how the SR&ED tax incentives could be made even more effective. The leaders were largely positive about them, believing that they help to:
- attract new R&D to the sector and establish corporate R&D laboratories
- make start-ups grow
- recruit and retain highly qualified people such as scientists and engineers.
The group identified several areas that could improve Canada’s R&D tax treatment. They believe that the SR&ED program’s goals and objectives could be clarified and the compliance process improved. They also suggested instituting universal refundability of the SR&ED tax credit and re-examining the program’s impact on the international taxation of multinational companies, as well as vigorously marketing the program.
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