SR&ED Statistics: Trends and Insights for 2023-2024
At SR&ED Education and Resources, we consistently look for ways to inform our readers about the SR&ED program. Would you like to learn about the federal SR&ED program and its trends over the years?
Understanding SR&ED Statistics: Insights into Canada’s R&D Landscape
We’ve just launched a new page: “SR&ED Statistics – Analysis of SR&ED Reporting”. Our goal is to make it easier for our readers to find everything in one place. We’ve gathered key SR&ED data, completely overhauled how it’s presented, and compiled it into a single, streamlined resource—so you can access insights quickly without needing to dig through multiple sources.
On this page, you will find information regarding the Scientific Research and Experimental Development (SR&ED) program from 2005 to 2024. Analyzing SR&ED statistics offers valuable insights into the program’s impact and the sectors driving Canada’s innovation economy. We have updated our page with the most current 2023-2024 Fiscal Year information.
Key Highlights from the Latest SR&ED Data
- Increased Refunds and Applicants
- 2023–2024 Fiscal Year: The program saw a total refund of $4.2 billion, benefiting 21,537 claimants.
- Average Refund per Applicant: Approximately $195,013, reflecting a steady increase in both the number of claimants and the average refund over the years.
- Dominant Fields in R&D Claims
- Software Development: Continues to lead with 39.3% of total Investment Tax Credits (ITCs) claimed, amounting to $1.72 billion.
- Electrical Engineering: Accounts for 15.6%, while Mechanical Engineering follows with 12.3%.
- Other notable sectors include Medical Science and Engineering (11.6%), Chemistry or Chemical Engineering (7.3%), and Materials Engineering (6.4%).
- Trends Over Time
- Over the past three years, the share of ITCs claimed by Software Development has consistently increased, from 34.9% in 2022 to 39.3% in 2024.
- Other fields like Electrical and Mechanical Engineering have experienced slight fluctuations, indicating evolving trends in R&D focus areas.