Corporate Tax - SRED (OC)
Understand the information and have information and required skills to navigate the SR&ED claim process including who is eligible, what types of work are eligible and how the SR&ED program intersects with other government subsidies and stimulus payments. This live virtual session will be delivered as a two-segment session (Jan 19 & 26, 1:00 pm - 4:30 pm each day).
The Covid-19 pandemic has brought new challenges to businesses, as well as a tremendous influx of government stimulus payments. The resulting focus on both innovation and subsidy programs has created renewed interest in the SR&ED program.
The course combines both fundamental and advanced content on SR&ED. Participants are provided with the information and skills required to navigate the SR&ED claim process including who is eligible, what types of work are eligible and how the SR&ED program intersects with other government subsidies and stimulus payments.
Part 1 provides participants with materials necessary for a basic understanding of the program and eligibility criteria to assist in preparation of SR&ED claims and to incorporate these claims into corporate tax returns. It will provide participants with an overview of the types of work that are included as eligible SR&ED as well as work that is not eligible. Eligibility will be illustrated with examples based on recent case law. The allowable and qualified expenditure rules are also covered, including the impact of government grants and stimulus payments on the calculation of SR&ED tax credits.
Part 2 focuses on current issues including updates to legislation and case law, CRA policies and selected technical issues, as well as more in-depth discussion of selected topics including partnerships, non-arms length transactions, adjustments to qualified expenditures, CRA audits, assessments and appeals.
All participants will have access to supplementary reference materials.
WHO WILL BENEFIT:
- CPAs in public practice or industry seeking to understand the benefits, approaches and common pitfalls associated with SR&ED claims.
- CPAs with experience in SR&ED seeking to update their knowledge of SR&ED legislation, policies, audits and appeals.
By the end of Part 1 of this course, participants will be able to:
- understand the characteristics of work that may be eligible for SR&ED tax credits,
- determine whether a company is entitled to claim refundable credits,
- research basic issues using the CRA website, and
- apply this knowledge to file a claim using prescribed forms.
At the end of Part 2, participants will be able to:
- analyze and apply legislation and policies regarding more complex issues including partnerships, trusts and non-resident corporations, salaries or wages and prescribed proxy amount, materials, supplies and recapture and
- Government assistance and contract payments,
- understand and apply current issues impacting SR&ED claims including developments in case law and CRA assessing policies.
- who can claim SR&ED tax credits
- step by step approach to claiming SR&ED tax credits
- what factors help you determine whether work is eligible for SR&ED tax credits
- what types of expenditures qualify for SR&ED tax credits
- impact of government stimulus payments on SR&ED claims
- what are the tax credit rates for different types of corporations
- brief introduction to provincial tax credits
- overview of SR&ED filing requirements
- update on legislation and current cases
- partnerships, trusts and non-resident corporations
- salaries or wages and prescribed proxy amount
- materials, supplies and recapture
- government assistance and contract payments
- CRA audits, assessment and appeals
A basic understanding of corporate taxation and investment tax credits is required.
COURSE LEADER: JOANNE HAUSCH, CPA, CA