Have Canada’s top SR&ED experts defend your claim
In an ever-evolving global marketplace, manufacturing companies are continuously seeking ways to improve their processes, increase efficiency, and create innovative solutions. Recognising this, the Canadian government has established the Scientific Research & Experimental Development (SR&ED) program, offering valuable SR&ED tax incentives to support these activities. However, identifying eligible projects and accurately claiming these benefits can be challenging. At G6 Consulting, we offer precise SR&ED Consulting for manufacturing companies, ensuring clarity in the claim process and maximization of tax credit benefits.
The Scientific Research & Experimental Development (SR&ED) program is a federal tax initiative designed to motivate Canadian businesses to conduct research and development (R&D) activities within the country. This program offers businesses both refundable and non-refundable tax credits for eligible R&D activities, encouraging innovation across industries.
With the manufacturing sector’s emphasis on process improvement, automation, and technological advancement, there are numerous opportunities for firms to engage in SR&ED-qualifying activities. Whether it involves refining a production line process, automating manual tasks, or developing new materials, these forms of advancement can be considered for SR&ED incentives.
Qualifying SR&ED activities in the manufacturing industry may include:
Manufacturing companies can claim two types of SR&ED Investment Tax Credits (ITCs):
Canadian-controlled private corporations (CCPCs) can earn a 35% refundable ITC on the first $3 million of qualified expenditure and a 15% non-refundable ITC on any additional spending.
Non-CCPCs, such as foreign-controlled or public corporations, can obtain a 15% non-refundable ITC on all eligible expenditures.
Thriving in the SR&ED landscape necessitates a thorough understanding of the specific criteria and requirements. Important factors to take into account include:
At G6 Consulting, we specialize in guiding manufacturing companies through the intricate paths of the SR&ED program. Our unique blend of manufacturing sector knowledge and SR&ED expertise ensures the accurate identification of eligible projects and the maximization of tax credit opportunities.
Harness the power of innovation in your manufacturing business with the advantageous SR&ED program. Contact us today for professional SR&ED Consulting for manufacturing companies.