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for such assets acquired in 2014 and 2015. The credit will not be available for such assetsacquired after 2015. Certain projects may qualify for transitional relief until 2017.SCIENTIFIC RESEARCH & EXPERIMENTAL DEVELOPMENT (“SP&ED”)The SR&ED Program is a federal tax incentive program, administered by the Canada RevenueAgency (“CRA”), that encourages Canadian businesses of all sizes and in all sectors to conductresearch and development in Canada. The SR&ED Program gives claimants cash refundsand/or tax credits for their expenditures on eligible research and development work done inCanada. The SR&ED program is complex and professional tax advice should be sought byclaimants wishing to take advantage of it. Visit the CRA website at http://www.craarc.gc.ca/sred/for additional information.FOREIGN TAX CREDITCorporations which have foreign source income and are resident in Canada at any time in theyear are eligible for a credit on foreign taxes paid. A credit is allowed against Canadian taxpayable for the lesser of the foreign tax paid and the Canadian tax on the foreign sourceincome.DUTY DEFERRAL PROGRAMThe Duty Deferral Program aims to improve the competitiveness of Canadian businesses byoffering relief from the payment of most duties and taxes on imported goods that are ultimatelyexported, whether or not the goods are further manufactured in Canada. This program groupsthree sub-programs through which businesses can defer, relieve or refund the payment ofduties on imported goods. These sub-programs are the following: The Duties Relief Program, The Drawback Program and The Customs Bonded Warehouse Program.These three programs operate individually or in combination in the way that best suits businessneeds. If preferred, goods can even be moved between programs without paying duties.Overall, the Duty Deferral Program offers Canadian businesses many of the same duty and taxincentives as those in free trade zones around the world.Business Incentives 180