Developments: SR&ED Planning for Ontario Corporate Tax Harmonization

If you have not considered the effect of the upcoming harmonization of the Ontario and federal corporate tax systems, your corporation may receive a surprise tax bill. However, Scientific Research and Experimental Development (SR&ED) planning can reduce or defer transitional tax burdens that may arise.

First announced in 2006, the Canada Revenue Agency (CRA) will administer Ontario's corporate income tax starting with taxation years ending after December 31, 2008. While harmonization may decrease the compliance burden of corporations with Ontario filing requirements, it creates many complexities, as well as opportunities for SR&ED claimants. This Developments issue highlights the key issues facing them.

Read Developments: Ontario Tax Harmonization: What it Means for Corporations to learn the broader implications.

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