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ARTICLE · 27 DECEMBER 2024

Canada's Fall Economic Statement: A Silver Lining For Innovators Amidst The Chaos

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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On a day where the only thing Canadians could talk about was the resignation of the then finance minister on the date of the delivery of the government's 2024...

CanadaTax
Katy Pitch
Katy Pitch
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On a day where the only thing Canadians could talk about was the resignation of the then finance minister on the date of the delivery of the government's 2024 Fall Economic Statement (FES 2024) and the chaos that ensued, some may have missed significant proposals to help Canadian innovators in a time when they're needed the most. FES 2024 introduces new initiatives designed to boost production in industries that are vital to the productivity of the Canadian economy.

Notably, FES 2024 announces changes to the Scientific Research and Experimental Development (SR&ED) tax incentive program and the government's intent to implement a patent box regime. Following consultations with affected stakeholders in early spring 2024, the government has now announced its intention to introduce a lower corporate tax rate on the commercialization of intellectual property created and held in Canada, with details to be outlined in budget 2025. This should make Canada an attractive place

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