The Canada Revenue Agency has a series of upbeat videos on the topic of the Scientific Research and Development Tax Incentive program. It’s not bad considering the Act itself is brutally complicated and complex. Here is the first in the series:
Video 1: Who can claim SR&ED tax incentives?
Do you know what one of the most common misconceptions about the scientific research and experimental tax incentive program is? It’s that the SR&ED program is only for large businesses that do white lab-coat, scientific research.
… but it’s not.
Of course large businesses may qualify, but small businesses have equal access to the SR&ED tax incentive program as well, and it’s for all sorts of R&D work.
Corporations, individuals, partners of a partnership, and beneficiaries of a trust can all take advantage of these Government of Canada incentives.
It’s pretty cool…
So, who’s this program for? Well…you! Maybe you’ve developed a new product, or improved an existing one. Or maybe you’ve taken an existing process and made it better, or just created a new one. If you’ve conducted R&D for any of this, you may qualify!
If you’re doing R&D, then the government of Canada wants to help! In fact, you can get investment tax credits on your qualified expenditures in the form of a cash refund, a reduction of taxes payable, or both…”
More at http://www.cra-arc.gc.ca/vdgllry/bsnss/srs-tx-ncntv-prgrm1-eng.html
Photo Credit: Ryan McGuire