The terminology utilized within the Scientific Research and Experimental Development (SR&ED) program can often be confusing. We have been asked to clarify, “what the difference is between refundable and non-refundable investment tax credits (ITCs)?” Claimants understandably want to know how they will receive their SR&ED ITCs. This article examines the Read more…
Uncovering the little-known sectors that qualify for SR&ED. Last time, we looked at the agriculture and agri-food industry as an example of a sector where most people do not know they can qualify for an SR&ED tax credit. This time we will look at the medical and health sciences field. Read more…
On October 14, 2022, the Canada Revenue Agency (CRA) announced updates to the Recapture of SR&ED Investment Tax Credit Policy, and the SR&ED Overhead and Other Expenditures Policy. These updates reflect the legislative changes that have been announced to these select SR&ED program policies. Updates to the Recapture of SR&ED Investment Read more…
In this article, we discuss another sector that is sometimes overlooked in SR&ED: manufacturing (previously, we have discussed agriculture and medicine). Specifically, the CRA lists three types of manufacturing under the umbrella of mechanical engineering: Automotive and transportation engineering and manufacturing. Tooling, machinery, and equipment engineering and manufacturing. Heating, ventilation, Read more…
It is common for SR&ED projects to involve work contracted to professionals outside the claimant’s company and 80% of these SR&ED contract expenditures may be claimed on the related SR&ED tax claim forms to increase the claimant’s final SR&ED refund. It is also possible that all or a portion of Read more…