SR&ED in the Chemical Industry
GDP in the Chemical Manufacturing subsector decreased from $14.4 billion in 2001 to $13.2 billion in 2010.
The chemical industry is central to our economy, as it works with raw materials and converts these materials to more than 70,000 different products, including polymers and plastics, pharmaceutical products, detergents and many other products that we use in our day-to-day lives.
Right now, the chemistry industry is facing some incredible opportunities due to the abundance of low-cost natural resources. However, since the entire manufacturing sector (including chemical manufacturing) has suffered through the last recession, Canada's Scientific Research and Experimental Development (SR&ED) is needed in order to revitalize the manufacturing sector and to attract investment.
The SR&ED program is beneficial when companies run into technological obstacles while trying to create new and improve already existing products and processes – this program gives companies tax credits and cash refunds for work that has already been completed. This money can be used to invest back into your business, through hiring a larger workforce, improving equipment, or even assisting with future research and development work that you may be doing.
You May Be Eligible If:
- You have experienced issues with a non-stable compound
- You have made any modifications to your current equipment
- You have experimented with a new catalyst
- You have attempted to increase the processing capacity
To see how the experts at NorthBridge can help you with your SR&ED claim, contact us for a free consultation.