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Review this submission paper to learn about Chartered Professional Accountants of Canada (CPA Canada)’s position on the issue of contingency fees for third-party preparers of claims for the Scientific Research and Experimental Development (SR&ED) Tax Incentive Program.
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Many organizations hire accounting firms to help them navigate the complex criteria of the SR&ED program and prepare their claims. These organizations then pay the accounting firms a contingency fee, calculated as a percentage of the tax credit they receive. Concerns have been raised, however, that an excessive amount of government stimulus spending is being diverted to third-party consultants.
CPA Canada has responded with this submission paper to the federal Department of Finance that explains how and why contingency-based fees encourage more taxpayers to participate in the program and ultimately increase their SR&ED investments. As this document makes clear, these arrangements enhance the overall tax system’s fairness, effectiveness and efficiency, without significantly diverting an undue proportion of the government’s innovation funding.
View our complete coverage of the 2019 federal budget. We have tax highlights, an insightful federal budget analysis as well as video interviews with our experts.
May 22, 2019
Explore important emerging technologies in accounting, business and finance at this must-attend conference for senior leaders. Connect with peers, experts and pioneers on best-fit technology solutions for your clients or organization.
September 23, 2019
Canada’s dynamic, must-attend CPA event of the year is heading to Montréal with the theme of innovation for sustainability.