How can SR&ED Support your Growing Business?

As a small business ready to expand, you may have heard of the Scientific Research and Experimental Development (SR&ED) program. Maybe you’ve even skimmed the qualifications and asked your friends a few questions. If you think there’s no way your fledgling company would qualify for the R&D tax credit, we have good news. With changing eligibility evaluations, many small businesses in a variety of fields can qualify, even if you don’t have an R&D department. Find out what’s changed and if your growing company can benefit.

The SR&ED tax incentive initiative is accessible to Canadian enterprises engaged in the creation of novel processes or products, conducting experiments, or addressing technological challenges. If your business is actively working on solutions for problems without readily available answers, there is a high likelihood that the undertaken work qualifies for partial or full eligibility.

What is the credit for?

The SR&ED program provides tax incentives for the direct, in-house costs associated with performing eligible R&D work in Canada, including:

Experimental development

Basic and applied research

Supporting work that meets the requirements.

Note: Certain types of supporting work, including engineering, design, operations research, mathematical analysis, computer programming, data collection and testing.

Enterprises across diverse sectors, such as IT, software, manufacturing, engineering, biotechnology, and numerous other industries, submit significant claims annually, regardless of their size. See how your business is likely eligible for a SR&ED tax credit here.

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