Have Canada’s top SR&ED experts defend your claim
Retail is an industry that thrives on constant innovation. From designing advanced supply chain systems to developing personalized shopping experiences, retail businesses are always seeking new methods to improve their processes and enhance customer satisfaction. Recognising this, the Canadian government has established the Scientific Research & Experimental Development (SR&ED) program, which offers valuable SR&ED tax incentives. However, identifying eligible activities and successfully claiming these incentives can be challenging. This is where we, at G6 Consulting, step in. We provide tailored SR&ED Consulting for retail businesses, ensuring accurate claims and maximum tax credits.
The Scientific Research & Experimental Development (SR&ED) program is a key federal tax incentive designed to encourage Canadian businesses to conduct R&D within the country. It provides businesses with both refundable and non-refundable tax credits for eligible R&D activities.
The retail sector provides ample opportunities for innovations and improvements that can qualify for SR&ED incentives. Whether it’s developing innovative inventory tracking systems, improving logistics, integrating AI into customer support, or designing state-of-the-art e-commerce platforms, your everyday developments may qualify as SR&ED.
Typical qualifying SR&ED activities in the retail industry may include:
Retail businesses can claim two types of SR&ED Investment Tax Credits (ITCs):
Canadian-controlled private corporations (CCPCs) may earn a 35% refundable ITC on the first $3 million of allowable expenditure and a 15% non-refundable ITC on any excess expenditure.
Non-CCPCs, including foreign-controlled or public corporations engaged in qualified SR&ED activities, can claim a 15% non-refundable ITC on all eligible expenditures.
Ascertaining what qualifies for SR&ED within the retail sector requires focused expertise. Beyond conventional R&D activities, SR&ED also comprises work directed toward achieving technological advancements to improve materials, devices, or processes.
Key factors to consider include:
At G6 Consulting, we are dedicated to helping retail businesses successfully navigate the SR&ED process. With a comprehensive understanding of the retail sector and the specific SR&ED requirements, we provide unrivalled consulting services that ensure maximum tax credits.
Leverage your investments into innovation and drive your retail business forward with SR&ED. Contact us today for dedicated SR&ED Consulting for retail businesses.