This letter is primarily for the Canadian contingency who read
Orchid…didja know that…
The Canadian goverment will honour your creative "one-of-a-kind’
designs and after you submit all of your reciepts and further costs,
they will pay you for your creative exploratory ideas?
This is a grant, and is for everyone who has their own business. It
is either you are having a payroll or giving your outside to a
sub-contractor or craftspersons. A very specific detailed form is
needed and you should get your accountant to fill it out…it is
called a " T-661".
This grant is called a “SR & ED” which means 'Scientific Research
and Experimental Development"* = Expenditures Claim*. You do not
have to re-pay the gov’t, at all. All I have to do is to pay the 5%
GST tax and the money is to do whatever I wish, pay trade bills and
re-invest into newer projects. I now have now given my CAD-CAM
designer 3 new projects to start on.
If you have created new tools, new metals, made your own or had
trouble in making your designs. YOU CAN NOW CLAIM this in this
program, as you cannot do this on your income tax return…
Your
return to your pocket is *40% *if you sub-contract…68% if you
have a payroll…this is for you to know ahead of time.
To look at this form…go to http://www.cra.gc.ca/sred
Gerry!