Scientific Research and Experimental Development, or SR&ED, is a Canadian tax incentive program with the aim to fund scientific and technological advances within Canada. Working with businesses of all sizes and projects of all scales over Nova Scotia, SR&ED can help cover up to 70% of qualifying expenditures. This can include various things from salaries, materials, leases, contractors, and even student co-op programs, and many more. CI Solutions aims to provide you with some of the best SR&ED consultants in Nova Scotia, arming you with the knowledge needed to tackle SR&ED and come out with the funding you deserve.
SR&ED has no restriction for the size of businesses or scope of projects that can apply. In fact, most of the SR&ED funding is claimed by smaller or medium-sized businesses. Some might think businesses focusing solely or directly on science are the only ones available to apply based on the name but that’s a common misunderstanding. Being involved and supporting such work also qualifies your work as well, induing engineering, IT, programming, and more. CI Solutions have dedicated IT grant consultants in Nova Scotia that will understand your work and are ready to work with you.
Some of the questions to ask before applying that can help determine your standing are:
“Was there a technological or scientific uncertainty that could not be solved?”
Suggesting that you advanced the state of technology, possibly by enhancing or extending a characteristic or capability.
“Did your work involve a hypothesis?”
Simply referring to how you attempt to resolve the issues identified before experimentation begins and how you document this approach.
“Was the scientific method used?”
To include any formulating, testing, modifications to the hypothesis, and whether or not it was proved correct or not.
“Did the process result in technological or scientific advancement?”
This is not at all profit or business-related. Even a failure can qualify because it has advanced knowledge within the area.
“Was everything properly recorded as work progressed?”
Following the scientific process, your work should be fully documented. Demonstrating why each element is necessary and how it fits is important.
As it is a government-sponsored fund with a potentially huge payout competition can be tough during the application phase. To add on to that SR&ED applications have quite a small word limit to condense a whole year’s worth of work into. With that in mind though, SR&ED lets you apply up to 18 months after your fiscal year-end, which gives you some much needed time to refine an application and sort out anything without rushing and stressing.
One mistake companies might make while applying is focusing on the money, while SR&ED is a fund an application should be most focused on the progress, advancements, or knowledge gained for the work, whether it resulted in failure or success.
Since cryptocurrency and blockchain development and research is a new field that is still developing and growing it is typically an untapped area for SR&ED funding but is very likely to qualify. The very nature of this type of work and the range of different applications and forms it can take gives it a very high chance of qualifying for SR&ED funding whether your work is in more of a support position or a lead position.
This is great news for many working within that field, from working ranging from retail, logistics, healthcare, financial services, insurance, healthcare, energy and many more. CI Solutions can help you receive cryptocurrency software funding in Nova Scotia using our expertise within SR&ED and even support you with blockchain development funding in Nova Scotia.
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! Meet with our team for a consultation to determine your eligibility, and our team will work to provide you with full support.
No Matter The Size Of Your Business Or Scope Of Your Work, We Are Here To Help!