News & Tax Tips
Scientific Research & Experimental Development (SR&ED)
Certain CCPC's qualify for the enhanced SR&ED tax credit rate of 35% available on up to $3 million of qualifying expenditures. This limit is phased out when the prior year's taxable income is between $500,000 and $800,000, or if the taxable capital employed in Canada is between $10 and $50 million. The new 2019 Federal budget proposes to repeal the use of taxable income as a factor in determining the SR&ED expenditure limit for tax year that end after March 18, 2019.
A new temporary enhanced first-year capital cost allowance (CCA) rate of 100% for vehicles purchased after March 18, 2019 was proposed in the 2019 Federal budget. Qualifying new vehicles include: fully electric, plug-in hybrid or hydrogen. New classes will be created: class 54 (otherwise 10, 10.1 passenger vehicles) has a CCA limit of $55,000 (plus GST) and class 55 (otherwise 16 taxi cabs, short-term vehicle rentals, and heavy trucks).
A new purchase incentive of up to $5,000 for vehicles under $45,000 was also proposed. Vehicles purchased under the incentive program do not qualify for the enhanced CCA rate.
Calgary Chartered Accountant, Tax and SR&ED Specialist
g9 Consulting has an exceptional success rate in helping Calgary and Edmonton, Alberta based companies prepare their Financial Statements, Corporate Tax Returns, and SR&ED (Scientific Research & Experimental Development) tax credit claims within 2 weeks of the tax year end.
This ensures that our research & development clients receive the maximum refundable investment tax credit dollars in the minimal amount of time.
What businesses are saying about g9 Consulting...
"g9 Consulting has, for the past 6 years, provided valuable and ongoing SR&ED claim expertise as we continue to develop and improve our software technology. The knowledge and professionalism g9 Consulting brings to the table gives us the assurance and confidence that we are maximizing our SR&ED claim and minimizing the time to receive our refund."
Trish Bingham, Director ACM Automation Inc.
"g9 Consulting offers a totally integrated solution that was very efficient in filing our SR&ED grant claim and corporate tax return at the same time. We benefited greatly from Nancy's expertise and attention to detail from the beginning of the process to the end."
Barry Morris, President WiseTools Inc.
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