SR&ED

SR&ED and Contemporaneous Documentation The SR&ED (Scientific Research and Experimental Development) policy in Canada advises that taxpayers claiming tax incentives for R&D activities maintain “contemporaneous documentation.” This refers to keeping detailed, accurate, and up-to-date records to...

New CRA Policy on Gross Negligence Penalties for SR&ED Claims The Canada Revenue Agency (CRA) has updated its enforcement approach for Gross Negligence Penalties under subsection 163(2) of the Income Tax Act, affecting Scientific Research and Experimental Development (SR&ED) claims. Effective January 28, 2025,...