The Canadian Government supports and incentivizes business that invest in and develop technological advancement, scientific knowledge and related research via the Scientific Research and Experimental Development (SR&ED) Tax Incentive Program. This program provides R&D refunds for expenses incurred through research and experimentation.
Canada Revenue Agency defines work qualifying for SR&ED tax credits as follows:
“To qualify for the SR&ED program, work must advance the understanding of scientific relations or technologies, address scientific or technological uncertainty, and incorporate a systematic investigation by qualified personnel
Work qualifying for SR&ED tax credits includes:
- experimental development to achieve technological advancement to create new materials, devices, products or processes, or to improve existing ones
- applied research to advance scientific knowledge with a specific practical application in view
- basic research to advance scientific knowledge without a specific practical application in view; and
- support work in engineering, design, operations research, mathematical analysis, computer programming, data collection, testing or psychological research, but only if the work is commensurate with and directly supports the eligible experimental development or applied or basic research.
For a complete overview of the scope of the Canadian Scientific Research and Experimental Development (SR&ED) Tax Incentive Program, please follow the link to the Canada Revenue Agency website.
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- Meet with you to identify your claimable projects and determine SR&ED eligibility
- Prepare a comprehensive technical report detailing experimental activity
- Prepare all financial documentation such as tax schedules and accounting reports
- Submit documentation for your review prior to sending to CRA