SR&ED stands for Scientific Research and Experimental Development, and SR&ED credits are available to qualifying companies. These scientific research and experimental development tax credits are provided by the Canada Revenue Agency (CRA). Any company that performs research and development in Vancouver and the rest of Canada may be eligible to claim these SR&ED tax credits. The credits are not minuscule, either, and each year Canada provides, on average, over $3 billion towards research and development companies.
Is My Company Eligible for SR&ED Tax Credits in Vancouver?
If you and your company are working with technology, in the sense that you are:
- Creating and developing a new technology
- Improving or developing a technology that is already in existence
- Or developing the processes of an existing technology
You may be eligible to claim these helpful tax credits. These research and development tax credits can be quite lucrative to programs who are there to develop new and existing technologies. Other countries across the globe may have similar tax credit programs for those who perform research and development, but the SR&ED program in Canada is arguably one of the most beneficial and lucrative. If you feel like you company may be eligible for the SR&ED credits offers by the Canada Revenue Agency, the time to act and apply is now.
More Benefits of the SR&ED Tax Credit Program
Eligible Canadian Controlled Private Corporations (also known as CCPC’s) have the chance of receiving up to 35% back from qualifying SR&ED ventures that have developed new or existing technologies, products, or processes. Foreign and public companies may also be eligible for a tax credit, that can equal up to 15% on eligible SR7ED ventures.
SR&ED in Vancouver
Along with the previously aforementioned federal tax credits, Vancouver is also eligible for additional provincial tax credits for SR&ED. Corporation in scientific research and experimental development in Canada may also receive a 10% refundable tax credit on top of their federal SR&ED tax credits.
Have any questions about SR&ED tax credits in Vancouver? Contact the specialists at Innotek now by calling 604-259-9937