It’s a great time to be at the forefront of scientific research and development in Canada, and many inventors, scientists, and business owners like yourself have a lot to be excited about. With the Canadian federal government’s Scientific Research and Experimental Development (SR&ED) Program, you can be rewarded in your efforts towards drawing up new experiments, procedures, and inventions that make the country truly a great place to live in.
Are you in the business of scientific research and development? Learn how your ventures can be rewarded, improved, and ultimately, better funded for growth with the SR&ED Program, and how SR&ED companies in Toronto, across Ontario, Calgary, Edmonton, or all over Canada can help you realize your vision.
Known as SR&ED, the federal government’s Scientific Research and Experimental Development Program, pronounced as ‘SHRED’ is the largest source of federal government support for research and development endeavors in Canada. The program provides over $4 billion in funding to over 18,000 businesses that claim their SR&ED incentives and/or tax refunds. Canada’s SR&ED Program is also widely regarded as one of the most favourable research and development tax credits in the world, offering over a 40% credit on eligible expenses.
The SR&ED Program is administered by the Canada Revenue Agency (CRA). Despite the program’s renowned reputation, the agency estimates that only less than half of companies performing work eligible for SR&ED funding are actually claiming their incentives. For this, SR&ED companies can help your business maximize opportunities for further innovation, with the help of increased funding. With the help of SR&ED companies in earning more funding, your business or start-up in Canada can develop, and further build on technologically-advanced products and processes.
According to the SR&ED guidelines, any individual or business operating in Canada and performing research and development initiatives may claim an SR&ED incentive and/or tax credit. This includes basic or applied research, as well as developing, or innovating on existing materials, products, and processes used in different industries in the country. Any Canadian-controlled private corporation, publicly traded, foreign-owned corporation, as well as individuals (businesses under sole proprietorship), partnerships, and trusts undertaking said scientific research and development activities in Canada may file for and claim SR&ED incentives.
Not sure if your business in and the research and development initiatives you take on can qualify you for the SR&ED Program? SR&ED companies in Canada, such as CI Solutions in Toronto, Calgary and Edmonton, can help you determine your eligibility for the program, compile the requirements, and process your claim for incentives and/or tax credits.
As SR&ED companies in Toronto, or all across Canada help you claim incentives and/or tax credits from the federal government, your business gains added funding that can helps you earn back expenditures spent on furthering your innovations. The amount you earn can also be used to finance future projects, improve your company’s financial standing, and help ensure that you are on solid footing to undertake future research and development activities. It’s clear that, for these reasons, working with SR&ED companies in Toronto, Calgary or Edmonton to claim your incentives is a necessary investment for the growth of your business, and ensure that you can take your research to the next level without worrying about having enough resources to continue your projects, or expand into other fields and ventures.
Apart from SR&ED incentives you can claim by working with SR&ED companies in Toronto, Calgary or Edmonton, the program also allows researchers and business owners like yourself a 100% deduction for qualifying expenditures, such as investing in equipment, tools or machinery used solely for carrying out your research and development activities. All in all, that’s more savings in your pocket, and increased capital you can use to fund the growth of your projects.
As noted by the CRA, many companies in Canada performing scientific research and development work are yet to take advantage of the SR&ED Program in order to earn more funding for their work. SR&ED companies like CI Solutions working in Toronto, Calgary and Edmonton provide you with more information about the tax credits and/or incentives your company can receive in order to improve on existing projects, or fund further innovation.
Instead of going through the process by yourself, you can better prepare for it as SR&ED consultants in Toronto, Calgary and Edmonton check your project’s eligibility against the criteria, save you the time and effort required in compiling the requirements yourself, and process your claim for incentives and/or tax credits on your behalf. With this assistance from SR&ED companies, you can be assured of a stronger, professionally-verified claim for better funding your research initiatives.