SR&ED provides more than $3 billion in tax incentives to over 20,000 Canadian business every year. It is the single largest federal program that supports business research and development in Canada. The Scientific Research and Experimental Development (SR&ED) Program is a Canadian federal tax incentive program designed to encourage businesses of all sizes to invest in research and development that potentially can introduce improvements. With CI Solutions claimants are more likely to receive the full amount to which they are entitled.
The program’s objective is to incentivize businesses, partnerships and individuals, (size or sector regardless), to engage in scientific research and experimental development activities in Canada. Specifically, those that could usher in significant improvements in their fields. The focal point is to coax businesses to make claims that are compliant with the CRA’s established policies as well as with Canada‘s tax laws. To be eligible to apply for these incentives and become an SR&ED company, there are certain parameters to be met. A Canadian-controlled Private Corporation (CCPC) can enjoy 35% in Investment Tax Credits (ITC) up to the first 3 million dollars of the qualified expenses for SRED that is conducted in Canada, as well as 20% on excess amounts. Other Canadian proprietorships, corporations, trusts and partnerships can enjoy 20% in ITCs of the qualified expenses for SRED conducted in Canada.
Why wait? Claim your SR&ED tax credits today while you’re still eligible! Call our team at (416) 477.5569 to begin your application process.