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Highlights SR&ED Program Changes SR&ED, intended to support research and development by Canadian companies, consists of an income tax deduction and an investment tax credit. The changes to the program consist of four parts:- Capital expenditures incurred in 2014 and subsequent years will no longer be eligible for SR&ED credits, affecting companies that spend a large part of their eligible R&D expenses on land, buildings, or machinery.- The investment tax credit portion of the program will decrease by five percentage points to 15 per cent, starting January 1, 2014.- The “prescribed proxy amount” used to calculate overhead expenditures will also be reduced to 55 per cent from 65 per cent of direct labour costs. This will also take effect on January 1, 2014.- In an attempt to strip the mark-up on third-party contracts from eligible expenses, only 80 per cent of contract payments can be used to calculate SR&ED tax credits, as of January 1, 2013.

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