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

|Tax Alerts, Legislation & Policy, Na ...|Canada
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…