TaxMatters@EY – June 2012

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Tax issues affect everyone. To help you get up to speed on the latest hot topics, the June issue of Canada’s TaxMatters@EY is now available. Recent changes to the federal scientific research and experimental development (SR&ED) program will impact innovation and entrepreneurs in Canada. 

This monthly bulletin includes recent tax news highlights, resources and publications.

The June issue also features:

  • The CRA changes its policy on health-care spending accounts
  • Acquisition planning: preparation is the key to success
  • The CRA adopts administrative policy for tax-exempt corporations
  • A unanimous shareholders agreement saves CCPC status in a recent Tax Court of Canada decision

You’ll find all this and more in the latest edition of TaxMatters@EY.

Changes to SR&ED tax credit impact entrepreneurs and innovation
First published in the National Post’s 30-Second Mentor, 7 May 2012
Denis Lajoie, Toronto

With this spring’s budget, Ottawa made significant changes to the popular Scientific Research and Experimental Development (SR&ED) tax credit program. The good news for smaller entrepreneurial companies is that the changes most directly affect large corporations, which will see a reduction in the value of the SR&ED program, while more funds will be spent on direct support for business R&D and venture capital funds. Reduction in the general SR&ED investment tax credit rate will drop from 20% to 15% in January 2014.

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CRA changes its policy on health-care spending accounts
Lidiya Nychyk and Lucie Champagne, Toronto

An upcoming change in the Canada Revenue Agencys (CRAs) administrative practice will no longer allow an employee to redirect a bonus to a health-care spending account (HCSA) on a tax-free basis.

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Acquisition planning: preparation is the key to success
Terry McDowell, Toronto

In any acquisition, you should proactively focus on risk management and see that it’s implemented effectively. This not only helps you identify current areas of significant risk or default, but it can also help you spot opportunities to increase efficiencies.

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