Have Canada’s top SR&ED experts defend your claim
The Scientific Research and Experimental Development (SR&ED) program is a valuable tax incentive designed to encourage Canadian businesses to innovate and invest in research and development activities. If your business is conducting scientific or technological R&D, it’s crucial to understand how to claim and maximize SR&ED tax credits.
In this guide, we’ll walk you through the eligibility criteria, qualifying work, and the step-by-step process for claiming SR&ED tax credits.
To be eligible for SR&ED tax credits, a company must be a:
Additionally, the company must also be involved in scientific research and experimental development activities aimed at creating new or improving existing technologies, products, or processes.
To qualify for SR&ED tax credits, you must be engaged in one or more of the following:
Only certain expenditures related to your SR&ED work are eligible for tax credits. These could include:
Ensure that you maintain detailed records of these expenses for the proper calculation and substantiation of SR&ED tax credits.
Different Investment Tax Credit (ITC) rates are applicable depending on whether your company is an SME or a large corporation.
To submit your SR&ED claim, follow these steps:
Claiming SR&ED tax credits is a complex process, and as such, it could be helpful to seek the assistance of specialized consultants or tax experts who understand the nuances of the program.
By following these steps and maintaining a strong documentation process, your company can navigate the complexities of the SR&ED program and maximize your tax incentives for eligible R&D work. If you require guidance or support for claiming SR&ED tax credits, our team at G6 Consulting is here to help.