SR&ED, or Scientific Research and Experimental Development, is a tax incentive program run by the Canadian government to promote and fund scientific and technological research and advances within Canada. SR&ED accepts work of all scales and businesses of all sizes within New Brunswick, helping to cover up to 70% of expenditures that qualify. Some such examples are leases, materials, contractor fees, salaries, even student co-op programs, and many more.
CI Solutions has the goal to provide your business with some of the best SR&ED consultants in New Brunswick, supplying you with the knowledge and expertise needed to boost your chances of receiving the SR&ED funding you deserve.
There are no restrictions on the scope of projects or businesses that can apply for SR&ED. A majority of SR&ED funding is actually claimed by smaller or medium-size businesses. This grant not only is available for businesses directly working on the research or scientific development, but also supporting areas as well. This can include engineering, IT, programming, and more. CI Solutions have some of the best IT grant consultants in New Brunswick that understand your field and are ready to work together with you.
“Was there a technological or scientific uncertainty to be solved?”
Suggesting that you advanced the state of technology, possibly by enhancing a capability or expanding an understanding.
“Does your work involve a hypothesis?”
Relating to how you move to resolve issues identified before and how you document this.
“Was the scientific method used?”
Include any testing, formulating, modifications to the hypothesis, and what results come out, no matter if it was positive or negative.
“Did the process result in advancement?”
Not relating to profit or business advancement. Failure can even qualify because it has advanced knowledge.
“Was everything properly recorded as work progressed?”
Your work should be fully documented, following the scientific process. Documenting why each part is necessary and how it fits is important.
SR&ED competition can be tough because of how inclusive and attractive this government fund is. On top of that, an application has a strict word limit which many find hard to narrow down a whole years’ worth of work into.
Luckily SR&ED accepts applications up to 18 months after your fiscal year-end, giving you much needed time to refine an application and sort out everything you need without the rush or stress. Even so, one common mistake in applications if focusing too much on the financials, while this is a government fund that will cover expenses the main focus is on the importance or significance of your work. Including in the advancements, progress, or knowledge gained for the work, whether it resulted in failure or success is important to an SR&ED application.
The very nature of blockchain technology and its range of applications, no matter how big or small, means there is a high chance that a lot of work within the field can be eligible for SR&ED. The worlds of blockchain development and cryptocurrency research are typically an untapped area within SR&ED funding applications.
This is great news for many working within this field and area of expertise, no matter if the work ranges from healthcare, financial services, retail, insurance, energy, logistics or more. CI Solutions can help you reach your cryptocurrency software funding goals in New Brunswick and fully support you on your way to receiving blockchain development funding in New Brunswick.
If you are still unsure if you qualify, or how to tackle an SR&ED application look no further than CI Solutions to guide you and help you throughout the whole process! We will meet with you to determine your business’ eligibility, and our team will work in tandem with you to provide full support and information.