Canada Revenue Agency

Canada Revenue Agency

May 04, 2009 12:45 ET

CRA: Minister of National Revenue Addresses Tax Executives Institute at Their Annual Conference

OTTAWA, ONTARIO--(Marketwire - May 4, 2009) - The Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture), addressed members of the Tax Executives Institute at their 50th annual conference in Gatineau, Quebec, today.

In his address to the executives, Minister Blackburn specifically discussed the importance of the Scientific Research and Experimental Development (SR&ED) Tax Credit program as the largest single source of federal government support for industrial research and development.

"During these difficult economic times, programs such as the SR&ED Tax Credit are essential to supporting Canadian businesses," said Minister Blackburn. "By returning over four billion dollars every year to individuals and businesses participating in research and development in Canada, we are moving to stimulate Canada's economy and help lay a solid foundation for future economic growth, job creation and a higher standard of living for all Canadians."

Last November, Minister Blackburn announced the launch of a suite of new products to make it easier for all businesses, but especially small firms, to take advantage of SR&ED tax credits. The suite of products includes a new self-assessment tool that helps businesses determine the eligibility of their projects, as well as a new claim form and guide. By making it easier to apply for SR&ED tax credits, the CRA is supporting innovative businesses that are the engine of long-term growth in the Canadian economy.

"We are committed to collaborating closely with important organizations like the TEI as our Government steers our country through our current economic challenges," said Minister Blackburn. "Working together, we can protect the jobs of today, while readying our economy to create the jobs of tomorrow."

The SR&ED program is a federal tax incentive program, administered by the Canada Revenue Agency, that encourages Canadian businesses of all sizes, and in all sectors to conduct research and development in Canada. The SR&ED program gives claimants cash refunds and/or tax credits for their expenditures on eligible work done in Canada. For more information on the SR&ED program, and details on how to apply, go to www.cra.gc.ca/sred.

Contact Information

  • Canada Revenue Agency
    Media Relations
    Noel Carisse
    613-952-9184
    or
    Office of the Minister of National Revenue
    Andrea Kent
    Acting Director of Communications
    613-995-2960