With more than $3 billion granted annually, the SR&ED program is the largest single source of federal and provincial government funding for research and development.
SR&ED Opportunities
To take full advantage of these funding opportunities, it is critical that you engage industry-leading professionals who have the knowledge and experience to ensure that you maximize your SR&ED program benefits.
To be eligible for SR&ED incentives you must meet the following criteria:
- Was there a scientific or a technological uncertainty: an uncertainty that could not be removed by standard practice?
- Did your effort involve formulating a hypotheses specifically aimed at reducing or eliminating that uncertainty?
- Was your procedure consistent with the total discipline of the scientific method, including formulating, testing, and modifying the hypotheses?
- Did the process result in a scientific or a technological advancement?
- Was there a record of the hypotheses tested and the results kept as the work progressed?
Canadian controlled private corporations (CCPSs) can receive a federal refundable credit of 35% of the qualifying SR&ED expenses, up to a maximum of $3 million in costs. For costs in excess of $3 million there are also non-refundable credits available.
In addition to the federal refundable tax credits, each province offers a provincial refundable tax credit on qualifying SR&ED expenses, up to a maximum of $3 million in costs. In BC, a refundable tax credit of 35% is available on qualified SR&ED expenses.
A SR&ED claim involves filing a number of forms with Canada Revenue Agency (CRA) within 18 months of your fiscal year end.
With over 25 years experience, we can maximize your SR&ED claims, leaving you free to manage your business. We have a proven track record and an excellent relationship with CRA, so when it comes to defend your SR&ED claim, we will be there to help you.