SR&ED is an acronym for the Scientific Research and Experimental Program. It is a tax incentive program started by the federal Canadian government to help businesses conduct research and development for new technology and scientific knowledge. The tax incentive is distributed in three main ways: an income tax deduction, Investment Tax Credit (ITC), and a refund in some cases.
Through the SR&ED program, the government has provided over $3 billion dollars in tax incentives for over 20,000 applicants annually. As such, it remains one of the largest federal programs to support research and development for small businesses. At CI Solutions, we can help you get approval with our specialized SR&ED consultants in Prince Edward Island. Our excellent team of consultants will help you navigate through the detailed process and get you where you need to be.
Determining SR&ED Eligibility
Whether you are part of a scientific team or a corporation, anyone is eligible to apply for the SR&ED tax incentive program. It can be a competitive process and to ensure you receive the approval you need, we often evaluate if your business or project meets some of these criteria: CI Solutions can help you with IT grant approval with our consultants in PEI.
“Was There a Technological or Scientific Problem That Couldn’t be Solved Through Standard Methods?”
Have you advanced a part of the technology that enhances its characteristics or extends their capabilities?
“Does Your Work Have a Hypothesis?”
Do you have a sound hypothesis that demonstrates how you will attempt to solve a problem before experimentation starts?
“Was The Procedure Consistent with the Scientific Method?”
How will you modify, formulate, and test your hypothesis in the case it is proven right or wrong?
“Did the Project Result in Technological or Scientific Advancement?”
This refers to a more scientific advancement rather than a business one. Even a failure can result in more data and scientific knowledge.
“Was Everything Recorded Properly As Work Progressed?”
Have you documented every step of your work? You should clearly demonstrate why each element is needed and why it fits into your project. Some examples include notes, minutes, e-mails, etc.
Want To Get Started Today? Reach Out To Get Expert Advice!
The SR&ED application process can be very confusing and involve many steps to ensure it reaches the right people. CI Solutions can help your application get approved among the sea of other viable candidates. The great fact is that you can file a claim up to 18 months after the end of the fiscal year to ready your documents and add the finishing touches to your application. Good SR&ED applications that get approved focus on highlighting your research, developments, failures, and successes in minute detail.This can help support your case for approval of the program. CI Solutions have the best SR&ED specialized consultants to assist in maximizing your claim. We want to help small Canadian businesses to get the best return on investment possible.
What SR&ED Can Do For Your Cryptocurrency & Blockchain Project
Blockchain and cryptocurrency technology has opened the potential to a variety of different applications. More specifically, blockchain technology has been used in industries such as insurance, financial services, energy, healthcarte, and retail among others. As such, many projects dealing with cryptocurrency and blockchain are eligible for the SR&ED tax incentive program.
CI Solutions Can Help Your SR&ED Application Get Approved
If you are not so sure your business will qualify for the SR&ED program, CI Solutions will help you determine your eligibility and create your application. We will provide routine support and detailed consultation to get the approval you need. Our consultants are here to provide on-demand support and service at your request.
Working Towards Funding Your Goals, Get Started With SR&ED Today!