On January 9 the Ottawa based CATAAlliance started their Advocacy Campaign that is looking to influence the authorities to develop a “Patent Box” for Canada. Canadian Advanced Technology Alliance (CATAAlliance), which is the country’s largest high tech association, is asking that a Canadian “Innovation Box” be created so that a “preferential, competitive tax regime for the successful exploitation and commercialization of Intellectual Property (IP), including patents” can be started in Canada.
The groups campaign for the Innovation Box Campaign used an interesting format in which they used a “Live Brief”. The space was continually updated with the ideas and thoughts of leading entrepreneurs and professionals from across the country.
John Reid, CATA President, explained why the country needed the Innovation Box and said that, “Governments across the globe are looking at how to adopt tax incentive regimes that will encourage companies to locate, exploit and commercialize technologies in their jurisdictions. Our consultations demonstrate that action is likewise needed to eliminate Canada’s ‘Commercialization Gap.”
Reid went on to day that, “Canadians are eminent innovators but we have a poor record for fully reaping the benefits of our investments in innovation. The Federal Government has it right in the 2012 Budget which acknowledged that the challenge is our failure to commercialize our innovations – not our failure to innovate. It is time to do something. An Innovation Box tailored for Canada fits the bill. It would reduce the tax rate on income arising from the exploitation and commercialization of IP at home.”
The name Patent Box comes from the check box found on tax forms. Countries adopting the policy allow income from the “development, exploitation and commercialization of IP in the home country” to get referential treatment. This helps retain IP at home and allows the country to stay competitive.
Source: CATAAlliance
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