Canada Revenue Agency

Canada Revenue Agency

May 21, 2009 10:30 ET

Minister Blackburn Emphasizes the Importance of the $2.2 Million Received by Optosecurity Inc. in Research and Development Tax Credits

QUEBEC CITY, QUEBEC--(Marketwire - May 21, 2009) - The Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture and Agri-Food), met with Charles Laflamme, Chief Financial Officer of Optosecurity Inc., to personally deliver today more than $2 million in scientific research and experimental development (SR&ED) tax credits for the company.

Minister Blackburn presented a cheque to refund more than $2.2 million of SR&ED tax credits claimed by Optosecurity Inc. During a tour of the company's facility in Quebec, Minister Blackburn met with company officials to discuss the importance of the SR&ED Program as the largest source of federal government support for industrial research and development.

"Every year, our tax credit program encourages businesses to participate in research and development activities to improve high-technology products," said Minister Blackburn. "We are committed to supporting innovative Canadian businesses like Optosecurity Inc. that design breakthrough products. These businesses are key to the long-term growth of our economy, providing quality jobs and helping improve the quality of life for all Canadians."

The SR&ED program is a federal tax incentive program administered by the Canada Revenue Agency, which 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.

SR&ED tax credits support Optosecurity Inc. in the research and development of security products to improve the performance of checkpoint X-ray screening systems used in the transportation and security industries.

"Programs like the SR&ED program show the Government's commitment to supporting research and development in Canada," said Mr. Laflamme. "We're proud that Optosecurity inc. has become internationally recognized as a leader in breakthrough security products. Success in science, technology, and innovation is not possible without financial support and incentives."

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
    Noel Carisse
    Media Relations
    613-952-9184
    or
    Office of the Minister of National Revenue
    Natalie Boileau
    Acting Director of Communications
    613-995-2960
    or
    Optosecurity Inc.
    Mark Scott
    Senior Advisor
    1-866-281-3240 or 514-402-0272