New form T661 Starting Jan 1, 2009 - 14 November, 2008

The Canada Revenue Agency(CRA) released its new `simplified` T661 Form where a simplified project description requirement would limit on number of words used for a single project submission with the description to be part of the 661 thus allowing electronic submission. The accounting rules on the other hand become more strict with the requirements to specify the contracting details of the transactions for contractors involved in the SR&ED activites. Similar details were required for the amounts acceding 30,000 per contractor in previous years. In addition, the names of the people involved with the projects and the consulting engineers would need to be noted on the 661. For future updates do not hesitate to visit our site or contact Science Experts at 416 548 7899.