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The Federal Budget 2024 has proposed some exciting SR&ED updates! Whether you’re a business owner that is already taking advantage of this program or you’re contemplating applying, the Federal Budget 2024 has important updates that may impact you. Let’s dive into the changes to the Scientific Research & Experimental Development (SR&ED) program and how it can benefit your organization.
In the years leading up to 2024, the Canadian government has been vocal about its commitment to enhancing the SR&ED program to better serve the needs of Canadian businesses. This year kicked off the commitment with the initiation of SR&ED consultations in January. Following, the commitment continues with the following proposed initiatives in Budget 2024:
The SR&ED updates mentioned are currently at the proposal stage and have not fully been confirmed. However, as we navigate through the details of the Federal Budget 2024, it’s evident that the government is keen on fostering innovation and supporting Canadian businesses on their R&D journey. While uncertainties loom, particularly with a potential election on the horizon, the proposed SR&ED updates signal a step in the right direction.
We encourage stakeholders to engage with the CRA and provide feedback on these proposed updates. Together, we can shape a more vibrant innovation landscape for generations to come. Additionally, if you’re interested in unlocking the full potential of SR&ED for your business, we invite you to schedule a free consultation with one of the Leyton consultants to fully optimize your application today!
Source:
https://www.sreducation.ca/sred-in-the-federal-budget-fairness-for-every-generation-2024/
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