Canada Revenue Agency clarifies changes regarding concessional loans; claimants may amend scientific research and experimental development claims for open tax years

19 November 2024|Tax Alerts, Legislation & Policy, National/Federal Taxation, Global|Canada

On 13 November 2024, Canada Revenue Agency (CRA) representatives provided additional information regarding recent legislative amendments that exclude from government assistance certain bona fide concessional loans made after 2019.
The CRA has now clarified that claimants affected by these amendments may file amended tax returns and revised scientific research and experimental development (SR&ED) claim forms for the year(s) affected even if their SR&ED reporting deadline has passed, as lon…

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