The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Tag Archives: NSERC

More Highlights in Canada’s 2010 Federal Budget For Biotech, Venture Capital and Innovation Groups

My first take on the most important bits for Canadian biotech companies and investors:

1) Looks like Section 116 will stay dead this time!

2) Better for research funding, with Genome Canada, NSERC, CIHR, SSHRC coming out much better than last year.  Grease?  Meet squeaky wheel.

3) Is this the end of the SIFT/SR&ED dealsLooks that way: Yes. Right now!

“Ensure that income trust conversions into corporations are subject to the same loss utilization rules that currently apply to similar transactions involving only corporations.”

Right now = today…

“[T]hese amendments apply to transactions undertaken after 4:00 p.m. Eastern Standard Time on March 4, 2010, other than transactions that the parties are obligated to complete pursuant to the terms of an agreement in writing between the parties entered into before that time.”

4) The new SMB Innovation Commercialization Program — looks like a made-here-bought-here initiative:

“a two-year pilot initiative through which federal departments and agencies will adopt and demonstrate the use of innovative prototype products and technologies developed by small and medium-sized businesses. Budget 2010 provides $40 million over two years to support up to 20 demonstration projects. To help small and medium-sized businesses take advantage of this initiative, the Government will organize regional trade shows so that companies can showcase their innovative concepts to federal departments. Further details regarding this initiative will be announced later in the spring of 2010.”

5) Some administrative improvements to SR&ED credits:

“In addition, as announced in January 2010, the CRA will begin to report quarterly, through its website, on the time it takes to review an SR&ED claim from start to finish. A new manual for CRA reviewers will become effective on April 1, 2010. This manual will emphasize how the CRA will work closely with claimants so that they may better understand the SR&ED program requirements and process.”

Follow

Get every new post delivered to your Inbox.

Join 126 other followers