Harper Government is Embracing Innovation That Supports Businesses Throughout Their Life Cycle

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 17, 2015) - Canada Revenue Agency

The Honourable Kerry-Lynne D. Findlay, P.C., Q.P., M.P., Minister of National Revenue, today addressed participants at the 2^nd Annual Western Innovation Forum to highlight the Government of Canada's support for business innovation, including measures to cut red tape, improve services, and keep taxes low for small and medium-sized businesses.

The Harper Government is committed to providing businesses with tax relief that continues to encourage job creation and economic growth, including:

- the new Small Business Job Credit, a two-year measure that will help small businesses by lowering their Employment Insurance (EI) premiums from the legislated rate in 2015 and 2016; and

- improvements to the Scientific Research and Experimental Development (SR&ED) tax credit, a tax incentive program that helps Canadian businesses of all sizes pursue research and development opportunities.

This Government has also implemented a broad range of initiatives to cut red tape for small and medium-sized businesses and recently completed extensive consultations with them on how to do even more. It has introduced simplified and enhanced services to meet their needs, such as eliminating more than 800,000 remittances for over 50,000 businesses and launching the first tax-related mobile app for businesses.

Quick Facts

- Since 2008, the Government of Canada has delivered tax reductions totalling more than $60 billion to job-creating businesses.

- Business owners who have paid $15,000 or less in total EI premiums for their payroll accounts are eligible for the Small Business Job Credit, which is expected to save small businesses more than $550 million over two years.

- In response to the recommendations of the Jenkins Panel , the CRA has improved access for applicants to the SR&ED program by:

-- launching a new, easy-to-use self-assessment learning tool;

-- introducing the First-Time Claimant Advisory Service to provide in-person help for first-time SR&ED claimants; and

-- offering periodic information webinars on the SR&ED program, including how to file a claim, that are delivered live on the CRA's website.

Quotes

"A strong, healthy, competitive business sector is vital to Canada's economic success. That is why our Government has made fostering innovation a top priority. By reducing red tape, improving services, and offering a variety of tax relief measures, small and medium-sized business owners across the country have more time and resources to grow their business and create jobs. "

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

Associated Links

Red Tape Reduction

Small Business Job Credit

Scientific Research and Experimental Development Tax Incentive Program

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