SR&ED stands for the Scientific Research and Experimental Program. It is a tax incentive program created by the Canadian government that encourages businesses to conduct research and development for new technology. The tax incentive is distributed in three ways: an income tax deduction, Investment Tax Credit (ITC), and a refund in certain cases.
The SR&ED program provides over $3 billion dollars in incentives to over 20,000 applicants each year and is one of the largest federal programs to support research and development for small businesses. At CI Solutions, we have exceptional SR&ED consultants in Newfoundland and Labrador to guide you through the application process and help you succeed in your endeavors.
Determining SR&ED Eligibility
Corporations, trusts, individuals, and members of a partnership are all eligible to apply the SR&ED tax incentive program. While there are no apparent restrictions or conditions for your application, evaluators will take into account several factors of your business or project to determine your eligibility and potential investment. CI Solutions can help you get your IT grant with our best consultants from Newfoundland and Labrador.
“Was There a Technological or Scientific Problem That Could Not be Solved Through Conventional Means?”
Meaning that the project advances or extends an existing characteristic of technology.
“Does Your Work Involve a Hypothesis?”
A strong hypothesis involves the detailed steps you will take before experimentation begins.
“Was The Process Consistent with the Scientific Procedure?”
How will you test, formulate, and change your hypothesis if, in the case, your hypothesis is proven wrong?
“Did the Project Result in Technological or Scientific Advancement?”
Refers to the technological advancement as opposed to a business mandate. Even failed results qualify because they can help you advance the knowledge around the technology.
“Was Everything Recorded As Work Progressed?”
Ddi you document every step you took during the process? You should be able to clearly demonstrate why each element fits into your project. Examples include notes, emails, minutes, etc.
CI Solutions can help you through the complicated SR&ED process and get you approved among the thousands of other applicants. You can look to file a claim up to 18 months after the fiscal year to organize your documents and refine your application without the stress. An excellent SR&ED application is focused on your work, research, developments, failures, and successes. Having detailed notes on your project’s development will help you make a strong case for approval. Our specialized SR&ED consultants will be able to help you maximize your claim and help Canadian businesses like yours get the return on investment they need.
What SR&ED Can Do For Your Cryptocurrency & Blockchain Project
Blockchain and cryptocurrency technology is changing the way things such as money and networks are being handled and distributed. The technology has the potential to harness a variety of different applications and many projects in this field are eligible for the SR&ED tax incentive program.
CI Solutions Can Help Your SR&ED Application Get Approved
If you are interested in learning more about SR&ED and weather your business or project is eligible, CI Solutions have the right consultants for you! We will meet with you to help determine your next steps and offer our fullest support for what you want to achieve. We provide constant, on-demand help and advice whenever you need them and are looking forward to seeing your success.
Working Towards Funding Your Goals, Get Started With SR&ED Today!