Deadline for Input Regarding SR&ED Advisory Services and Fees Is October 1, 2012 (posted September 6, 2012)

By September 10, 2012 No Comments

As part of the Economic Action Plan 2012, the Federal government has committed to undertake consultations to better understand how and why SR&ED claimants hire external advisors. The consultations are specifically intended to assist the Department of Finance in understanding the following questions:

  • why firms hire third-party tax preparers on a contingency-fee basis;
  • why these tax preparers charge contingency fees;
  • the prevalence of this practice;
  • the amounts charged; and
  • the impacts of this practice on the effectiveness of the SR&ED tax incentive program.

The deadline for submitting comments to the Department of Finance on these topics is October 1, 2012. All stakeholders in the SR&ED program should speak out now:

Visit this link to have your voice heard about these issues and how any proposed changes will impact you.

Further information can be obtained at the following websites: Announcement of the consultation process and Background information and guidance for submissions
Note: TSGI does not maintain this news article after its initial posting. Readers are further advised that the information presented here may not be sufficient for unassisted tax planning. Please contact a TSGI representative if you require clarification or other assistance regarding this topic.