From our friends at The Ingenuity Group: Last March, the Department of Finance Canada released its 2018 Report on Federal Tax Expenditures. In previous years, the projected figures of the federal government’s revenue being spent on the SR&ED tax credit had been declining. What does this year’s report say?
If you compare the Report on Federal Tax Expenditures – Concepts, Estimates and Evaluations 2018 with its 2017 version, you’ll note that there has been a very slight increase in the amount of money the Liberal federal government plans to spend on the SR&ED program. Comparing the projected figures for the year 2017 between both reports, there is an almost one percent increase in overall spending. Comparing the year 2018 between both reports, the projected spending has gone up two percent.
That may seem like a negligible increase, but the projected figures between 2016 and 2017 have risen almost six percent in the most recent report – from $2.68 billion in 2016 to $2.83 billion in 2017. The projected figures between the years 2017 and 2018 in the latest report have gone up three percent – from $2.83 billion in 2017 to almost $2.93 billion in 2018.
Visit SREDucation.ca to continue reading this article and check out insights on funding projections for 2019.
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