In October 2012 the Canada Revenue Agency (CRA) will be releasing a revised Form T661, Scientific Research and Experimental Development (SR&ED) Expenditures Claim, to accommodate the legislative changes proposed in the March 2012 federal budget that will be coming into effect starting January 1, 2013.
The following changes have been made:
[list list_style=”grayDot”]
- A new line (529) in Part 4 to reduce by 20% the expenditures for Arm’s length SR&ED contracts and Third-party payments incurred after December 31, 2012, from the payer’s qualified SR&ED expenditure pool.
- Changed description of line 820 to accommodate the 5% reduction in the prescribed proxy amount (PPA) for the number of 2013 calendar days in the tax year.
[/list]
The revised version of Form T661(12) (revision code 1201) will be effective as of its publication date. You can submit the T661(11) version of the form until December 31, 2012; however, starting January 1, 2013, only the T661(12) version of the form will be accepted for all tax years.
