Even being just a user of the latest gadgets – from staples like smartphones, to game consoles, and new lifestyle essentials like voice-enabled home assistants – you know important the technology has become. So when you work in the field, you’re likely to be fueled by burning passion not just to build on existing innovations, but to get proper support and funding that helps you continue connecting the rest of the world through technology.
For instance, in Canada alone, the top five companies that operate in the country – Apple, Alphabet, Amazon, Facebook, and Microsoft – are all leaders in the tech industry, and household names at that. In response to the growth of tech, Canada’s 2017 Budget Plan has made room for their evolving market. So what does this mean for innovators like you?
To get onboard with the premium Canada’s government has awarded the tech industry, you can look into a SR&ED claim. With the help of a SR&ED consultant in Calgary, you can ensure that you receive the best return from your claim, which can go towards further funding your research and innovations that propel technology in the country.
Canadian Government Funding Programs for the Tech Industry
Recognizing the invaluable contributions of tech innovators like you, the Canadian government instituted a number of tech-focused programs that support innovation and future growth within the industry. These include:
Industrial Research Assistance Program (IRAP) Tech Funding
This program has two types of grants available for Canadian businesses. They include:
- IRAP ARP: When internal technical challenges are solved, such as product or technology improvements, grants are given to projects that span 1 year or less at a maximum of $50,000.
- IRAP Mid-Size: The projects that are eligible for this grant are usually continued from a successful IRAP ARP project. Coverage can reach 65-80% of your expenses.
Sustainable Development Technology Canada (SDTC)
These grants are offered to late-stage development or pre-commercialization strategies for technological innovations that benefit the environment. If your project is geared at helping mitigate environmental concerns, such as clean air, potable water, and climate change, a SR&ED consultant may be able to help you file and prepare a successful claim, so you can continue your research, or keep developing innovations that respond to these issues.
R&D Project Hiring Grants Program
These grants maximize the potential for industry-specific academic research partnerships concerning technological innovations, and include:
- R&D Project Hiring Grants Internship Program: Working with a college or university student, post-grad, or Master’s grad through an internship can provide coverage for up to 50% of expenses per internship.
- R&D Project Hiring Grants Fellowship Program: Working with a PhD grad or post-doctoral fellow for a 12 month period can provide up to $35,000 in grants per fellowship, and up to $70,000 in total funding of your project.
National Sciences and Engineering Research Council (NSERC)
This grant leverage is split into two categories:
- NSERC Engage: Grants for short-term projects completed within 4-6 months are provided with up to $25,000 of coverage per academic researcher.
- NSERC Collaborative Research and Development (CRD): Grants for long-term projects that usually follow NSERC Engage projects can provide up to $200,000 a year for 5 consecutive years.
Mitacs Research Grants for Canadian Small Businesses
- A small business that hires a PhD student can access up to $30,000 of coverage for labour costs for 2 years.
Hiring a SR&ED Consultant in Calgary
With tech being a must-have in the present age, it’s important to be recognized and rewarded for your contributions to the industry, no matter the size. This way, you can ensure that your work can be continued, and your innovations be built upon, so the tech we use today can truly improve and support a modern way of life.
There are many avenues you can take when processing a tech related SR&ED claim. But ensuring you prepare your technical reports and tax schedules according to the CRA’s approval standards is the point where a SR&ED consultant becomes necessary. With a tax refund budget that favours your line of work, you want to make sure you get the most out of your refund, and that means thoroughly preparing every step of the claiming process. Pass this work on to the tax consultants who do it best.