When we say “underestimation”, it's pretty much based on the way it has been calculated by Finance officials. In the last budget, what they have calculated is the impact on government revenues. Now, government revenues on SR and ED are spendings. You have to keep in mind that if you are not in a profitable situation as a large company in Canada, you can carry them forward for 20 years. What we know is that about 65% of the companies use it the same year they claim it. There are another 35% that don't use it the same year. So in terms of government revenues, if you carry them forward, it doesn't impact the revenues that same year.
On November 1st, 2012. See this statement in context.