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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.
Chartered Professional Accountants of Canada (CPA Canada) annually offers its views on priorities for the federal budget. Review past submissions of pre-budget briefs and consultations, and post-budget release opinions and commentary.
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September 18, 2017
Jointly presented by CPA Canada and CPA Ontario, The ONE is the must-attend, multi-track event of the year, designed for all CPAs who want to be at the top of their game.