The normal rate for tax credits under the federal government’s scientific research and experimental development (SR&ED) program will be deducted from 20% to 15% starting in 2014.
For claiming SR&ED tax credits during 2014, Companies should use Form T661 with updated version. The revised version represents changes that are effective January 1, 2014. Though the Canada Revenue Agency will accept the prior version of the form T661 (12) until December 31, 2013, the new T661 (13) (released on October 31, 2013) can be used as of that date. From January 1, 2014, the CRA will accept only the new version of the form T661 (13) for all tax years.
