2012 Federal Budget — Impact on SR&ED

As expected, the budget presented by Finance Minister Jim Flaherty on March 29 included changes to the Scientific Research & Experimental Development (SR&ED) tax incentive program. Changes to the program have been expected since the release of an expert panel review of federal support for R&D in Canada in October 2011 (i.e., the “Jenkins” report). However, the actual changes in the budget differed from the report’s recommendations in many important ways. Continue reading