Tokenization software development is part of an innovative and revolutionary way of utilizing the potential of security tokens and blockchain technology. Funding these projects is an important venture, but it is also a very complex process for some to go through with.
Applying for the Canadian government’s SR&ED tax incentive may be the right path for you and our consultants can help get you started. Innotek Consulting LTD helps businesses apply for IT startup grants and software grants in BC to fund research and development focused projects. We’ll meet with you to discuss your eligibility and how you can claim the SR&ED benefits.
We specialize in tokenization development funding and tokenization software funding for teams looking to reach the next step in their planning and development. We’ll go over what you need to do to get approved funding and how we can help you with the application process.
What is SR&ED and How Will it Help Me?
The Scientific Research and Experimental Development grant is a tax incentive program that provides refunds for expenses incurred during research and experimentation. It was developed by the Canadian government to support, invest, and incentivize technological advancement, scientific knowledge, and related research.
Tokenization software development would fall in the categories of SR&ED eligibility. The research and development of security tokens and blockchain technology opens many opportunities for scientific and economic advancement. Our consultants will help you secure the funding you need to further develop this new technology and give you a great investment return.
What Work Qualifies for the SR&ED?
In addition to advancing scientific research and technology, the SR&ED tax incentive specifies that work that qualifies for the grant must also incorporate a systematic investigation by qualified personnel.
Moreover, the experimental development of something like tokenization software has to also achieve technological advancement in the creation of new materials, devices, or products. It can also involve the improvement of existing technology and support work in fields such as engineering, design, and operations research among others.
Research is an important aspect of the application process and we always consult with our clients on their progress so far. Eligibility for the SR&ED tax incentive takes into account the applied research that advances scientific knowledge with a practical application, as well as some basic research without a specific application. Both factors are integral to seeing whether the work you do qualifies for the SR&ED grant.
How Will I Benefit from the SR&ED Program?
There are two main benefits to applying for an SR&ED tax incentive. The first involves the ability to pool the expenditures gained from the program and deduct against your current year of income. You can also keep the funds and deduct them in a future year.
After SR&ED approval, you can also earn an Investment Tax Credit (ITC) that reduces your payable income tax. In this case, the ITC for your business can be at least 15% or at least 35% of your qualified SR&ED expenditures. Moreover, unused ITCs can be carried back 3 years or carried forward 20 years to apply against future tax payables.
With this process and our experienced consultants guiding you all the way through, you can be assured that your SR&ED application will help you get the funding you need.
Contact Innotek Consulting For More Information
If you need funding for your tokenization development project, our consultants will help secure what you need. If you would like us to help find your potential and get your next project approved, call us now at (604)-259-9937.