SR&ED Program can be Vital for Competitiveness
The Need for SR&ED
How do you remain competitive? Businesses are continually working to cut costs, raise profit, become more efficient and develop the "Next Big Thing" in order to stay a step ahead of competition. In times like these, it's often necessary to look at various sources of funding to help us get ahead. The Scientific Research and Experimental Development (SR&ED) program is one of the most lucrative programs for companies working on technological development and product or process improvements, and can help companies receive tax credits on eligible R&D expenditures.
The SR&ED Program
There are three criteria that define the eligibility of an SR&ED project:
- The project must aim to resolve uncertainty and advance the previous understanding of the technology.
- The existence of an obstacle implies that there is no text-book solution (i.e. known methods or procedures) to solve a problem in an existing field of science. The work that is claimable must go above and beyond the existing knowledge base (i.e. base line).
- The work claimed for must be evident of scientific process. It must involve a systematic investigation, experimentation, or analysis by qualified personnel.
Common activities that meet these guidelines can include:
- Developing new products or improving existing ones
- Developing new processes or improving existing ones
- Testing and data collection
- Reducing waste products
- Creating prototypes
- Designing or developing software
- And more
The Value of Knowledge & Experience
When it comes to filing for SR&ED, it is critical to have a thorough understanding of the program requirements. You are focused on your business, and may not have the time to learn everything you can about the eligibility requirements of the SR&ED program, what is required for the technical project descriptions, or to keep up to date with the latest program changes. Lacking thorough expertise could result in missing out on potential funding that you are entitled to. Working with NorthBridge takes the pressure of knowing the intricacies of the SR&ED program off of your shoulders. We act as a resource and extension of your team throughout the process, thoroughly ensuring that you capture all possible costs and help you receive the highest return that you are eligible for.