Mr. Speaker, the scientific research and experimental development, SR&ED, tax incentive program is designed to encourage research and development in Canada.
Under this program, businesses with qualifying SR&ED expenses may receive refunds, tax credits or both.
Businesses claiming the SR&ED credit are subject to scientific and financial reviews by the Canada Revenue Agency to ensure that all eligibility requirements, as set out in the Income Tax Act, are met.
Confidentiality provisions of the Income Tax Act, section 241, preclude the disclosure of taxpayer information.