The Canadian government supplies many different funding and grants for work within Canada and you and your crypto custody development project could be taking advantage of them! One such grant is SR&ED, which stands for Scientific Research and Experimental Development, which can cover up to 70% of expenses depending on your province. Innotek provides help with attaining bitcoin networks software funding in BC to help your project reach its full potential, even helping you receive crypto custody development funding in BC.
What is SR&ED?
SR&ED stands for Scientific Research and Experimental Development and is a tax incentive program with the focus of funding scientific and technological advances in Canada. SR&ED funds businesses of all sizes and many various different sectors from support and IT to the actual research and scientific studies. Eligible expenses can include materials, leases, student co-op programs, salaries, contractor fees, and more.
Determining SR&ED Eligibility:
SR&ED is available to you no matter the size of your business, project or work. Actually, the majority of claimants are small businesses. The name might make you think it suggests only specific businesses within the scientific field being able to qualify, but being a supporting factor can qualify you, work such as; engineering, programming, IT, and more.
The biggest factor in qualification is that your business is involved in research, or makes a movement towards advancing technology for the development of new materials, products, devices, or processes. Even if the work was not successful you can still qualify; having enough evidence that you are working towards scientific progress is enough to qualify you.
What SR&ED Can Do For Blockchain And Crypto Custody Work
Blockchain technology has a huge range of uses and applications making it highly eligible for SR&ED qualification. Blockchain and cryptocurrency development and research is also a typically untapped market within SR&ED funding. This is fantastic news for any businesses using blockchain to develop new approaches and avenues ranging from logistics, financial services, healthcare, energy, retail and even more.
A Consultation Can Significantly Boost Your Chances Of Getting Approved For SR&ED!
If you are still unsure about if you qualify or how to approach writing an application and refining it to the best it can be, Innotek can help you! We will meet with you and do our best to understand your work to determine your eligibility. One of the hardest parts of filing a claim is defining all the work you have done throughout the year and narrowing it all down into the 1400 word limit.
Our team has a range of expertise within SR&ED funding and It and crypto custody work helping us work together with you to provide full support. Innotek will provide you with ongoing SR&ED support throughout the whole process with advice backed by years of experience.