Ottawa removes SR&ED roadblock after delay of nearly $200 million for tech firms

The Canada Revenue Agency won’t launch any new audits under a tax-credit program that has seen nearly $200 million in funding for tech companies delayed during the pandemic.  All companies currently being audited for the scientific research and experimental development (SR&ED) credit will also have the process expedited.  “For the time being, no new reviews/audits […]

SR&ED claims reduced due to federal COVID-19 assistance

A week ago, CEO of Venbridge Garron Helman wrote an article on how the recent government incentive programs could affect SR&ED claims. For weeks now we have both listened to many companies that were concerned all these emergency subsidies may be eating up their future claims. Companies cannot ‘double-dip.’ Assistance received under either subsidy program […]

Ottawa should explore ‘Innovation Lanes’ for post-COVID-19 recovery

Canada’s tech sector has shown remarkable growth over the last five years, but if Silicon North is to remain the fastest growing tech hub in North America post COVID-19, the federal government needs to double-down on their opening bet. The pandemic has had a devastating impact on much of the Canadian economy. Jobs-rich sectors such […]

Canadian Tax – The New 75% Wage Subsidy – Coronavirus (COVID-19)

To print this article, all you need is to be registered or login on Updated April 14th, 2020 On April 11, 2020, the legislation implementing the Federal Government’s new Canada Emergency Wage Subsidy (“CEWS”) was enacted. The CEWS is a $73 billion subsidy intended to support the well-being of workers, maintain employment relationships and […]

Some banks begin rollout of EDC loan guarantee for Canadian businesses

Scotiabank and the National Bank of Canada are now offering the Export Development Canada (EDC) loan guarantee program for their clients, signalling that Canada’s big banks are starting to roll out the federally-backed program. The loan guarantee program allows the banks to offer a flexible, short-term financing solution to businesses. The loan guarantee is one […]

COVID-19 roundup: $250 million more for the innovation economy

This article is a preview of The Logic’s Daily Briefing newsletter, sent every weekday. Get complimentary access to award-winning reporting to navigate these unprecedented times. Sign up now. It’s day 38 since Canada’s 100th coronavirus case. The number of cases is 31,642 as of publication time, up 1,536 since yesterday, an 18 per cent increase […]

Tax tips for business owners navigating the pandemic

For starters, “Do not be sending any remittances” to the CRA for income tax or GST, said Dave Walsh, partner and tax service line leader at BDO Canada in Ottawa. Tax that becomes owing on or after March 18 has been deferred to Sept. 1, with no interest or penalties accumulating. GST payment and customs duties […]

COVID-19 Tax Update: Canada Revenue Agency announces additional tax relief measures

The Canada Revenue Agency (“CRA”) has announced additional tax relief measures as part of its response to the ongoing COVID-19 crisis. These measures are summarized below. Administrative Tax Measures The new measures extend various filing deadlines under the Income Tax Act and represent an expansion to previously announced administrative tax measures. Extended to May 1, […]

COVID-19 crisis could spur on digital transformation

The current COVID-19 global pandemic could provide the impetus for some companies to advance their digital transformations – but they’re more likely to succeed if they apply customer-centric design-thinking, CIOs said at a recent CanadianCIO Executive Forum in Toronto sponsored by Wipro Limited Canada. “I’ve said don’t waste a good crisis because when people get […]

Tax Credit For Canola Growers Investing In Research

Details Category: Ag News Published: Wednesday, 29 January 2020 15:48 Written by Don McCracken Canola growers in Alberta that do not request a refund of their check off from the Alberta Canola Producers Commission qualify for a tax credit for the 2019 tax year. The Scientific Research and Experimental Development (SR&ED) tax credit allows canola […]

Alberta’s technology incentive losses could be B.C.’s gain

When Calgary Mayor Naheed Nenshi rolled into Vancouver in October 2018 for a recruitment drive, he had a simple message for companies thinking about a move across the Rockies: your city is expensive. “As a result: set up a branch office in Calgary; set up a second headquarters and make sure the great growth of […]