What is the SR&ED Tax Incentive Program?
The SR&ED tax credit is offered by the Canadian Revenue Agency to encourage businesses to conduct research and development by offering tax benefits.
The SR&ED tax credit is offered in two ways:
- Allowing you to deduct qualifying expenses incurred from research and development activities
- Offering an investment tax credit that reduces the amount of your payable income tax
Deductible expenses include:
- Salary or wages
- Material expenses
- Overhead and other expenses
- Third-party payments
What kind of work qualifies for the SR&ED tax credit?
To qualify for the SR&ED tax credit, your research, with or without practical application, should be conducted with the goal of advancing scientific knowledge.
Examples of qualifying research projects include:
- Prospective studies
- Retrospective chart review
- Systematic review and meta-analyses
SR&ED Research Consulting Services
Since the requirements for filling out SR&ED application are often confusing and complex, our consulting service was designed to help physicians and small organizations to navigate SR&ED claim preparation. We are offering the following:
- Review SR&ED eligibility criteria
- Clarify which project and expenses will qualify
- Review all required documentation
- Completion of the SR&ED application
Please contact us for more information