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April, 2010 | |||
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Message from the CEO | |||
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The Speech from the Throne this year reminded us that the federal government recognizes that innovation will continue to be important for our economy. The Federal Budget showed us that the SR&ED program will continue to provide support and assistance to businesses who are doing this innovative work. Stephen Harper’s government is a strong supporter of the SR&ED program, and the CRA is continuing to evaluate the program to see where improvements can be made. These points serve as good news for businesses that claim for the SR&ED program. In addition, there are definitely other points in the federal budget that will have great benefit for Canadian firms. First of all, and perhaps one of the more relevant to Canadian businesses, is that all remaining tariffs and taxes will be removed on foreign purchased machinery. This will bring about a number of positive results – Canada will become the first G20 country that is a tariff-free zone for manufacturers, it will lower costs for consumers of Canadian manufacturing goods, Canada will become more competitive in the global market, and it will bring about huge savings for Canadian manufacturers. The Work-Sharing program will be extended by one year, and existing work-sharing agreements will be extended by an additional 26 weeks. Those looking to start Work-Sharing will be subject to more flexible qualifying criteria, which can definitely be a benefit for those who are still struggling through hard times. On the R&D front, aside from the continued support to the SR&ED program, the government will be supporting R&D in colleges, universities and research hospitals, among other research institutions. They will also be working to promote new ideas developed by researchers, to connect these ideas with the businesses that can develop them into consumable goods. Other areas that the government are investing in and/or working with include Canadian High Arctic Research Station, clean energy technologies and aerospace, forestry, fisheries and agricultural industries. The announcement of the 2010 Budget has left me reassured that there is a commitment to the development of new technologies in the Canadian economy, whether it is through manufacturing businesses, the forestry industry, research facilities, or any other number of industries. It is also encouraging to see that foreign purchased equipment will be tariff and tax free. With this, there is no doubt that we will all continue to work towards making our businesses more successful and competitive in Canada, and globally. Best Regards,
Sol Algranti, President & CEO | |||
Testimonial
–Chris Fillingham, President of Pinnacle Litho Inc
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Employee Spotlight: Jason Quigley
Position Business Development/Account Manager Years working in industry 11 Educational background Combined Honours in Neuroscience, Biochemistry, Immunology and Microbiology. Masters in Immunology in the study of human auto-immune diseases (Dalhousie). Professional Memberships and Designations Quality Assurance ISO auditor status received in 2004, Lean manufacturing. Work History Jason has been filing SR&ED claims for over 11 years now across multiple industries. Managing corporate R&D budgets he found it critical to file for ITCs yearly, helping to assist funding of future product development projects. Over the years he has collaborated with Deloitte & Touche, Earnst & Young, KPMG, Grant Thornton and many other accounting and tax credit firms. Jason brings that experience to the table when dealing with companies from 5 to 5000 employees. Hobbies/Interests World News, New Technologies and Research, Travel to anywhere warm and sunny, Border Collie training, Strategy Games, Home Renovations (whenever his wife makes a list!) | |||
On the BlogNorthbridge continues to bring you the latest updates and hot topics that are important to our clients. See below for March high-lights and stay tuned for more business buzz.
Read about these topics and more on our blog. |
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Grant and Loan GuideSome of our clients have been approaching us for information on other grants and loans they can take advantage of for additional funding. While we can provide some general information, we are not experts in claiming for these other grants and loans, and do not necessarily assist companies in applying for these programs. In the upcoming issues, we will be highlighting some of these other grant and loan programs. NRC - IRAP (National Research Council – Industrial Research Assistance Program)NRC plays a leading, dynamic role in many Canadian communities, helping to increase their capacity in key technology fields through jointly developed innovation strategies. Grants and funding up to 100% of R&D employee salaries. http://www.nrc-cnrc.gc.ca/index.html Sustainable Development Technology FundThe Sustainiable Development Technology Fund helps Canadian businesses that create clean technology to deal with climate change issues, clean air, clean water and soil quality. Projects can be eligible for funding of up to 50% of the costs involved in R&D. http://www.sdtc.ca/en/funding/SD_Tech_Fund/advice/index.htm This is information of a general nature only; Northbridge does not necessarily assisst companies applying for the grants and loans listed above. Projects may not be eligible for more than one grant or loan; receiving funding from one grant or loan may disqualify that project from others, including the SR&ED program. Please speak with your Account Manager for more information. | |||
Ask the ExpertsDear Northbridge; - John Q Private Dear Client; Northbridge engineers are extremely thorough in the claim preparation process but if you don’t remember a project because it simply didn’t work and scrubbed it, we might miss it. So, we always remind clients to think of the “hassles” and “tribulations” of operations to try to resurface those terrible events (Sorry but your bad experiences are good for SR&ED projects!). Even if it did not work, if you spent time on attempting to advance your technology ... It counts and, as such, monies are entitled. Also, if you used a quantity of raw materials in the efforts, those materials are also claimable; Check your scrapped materials logs for signs of those long forgotten projects. - Northbridge Team |
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Although we endeavor to ensure timely and accurate information throughout this newsletter, it is not intended to be a definitive analysis of legislation cited, or a substitute for professional advice. Readers are encouraged to seek professional advice when attempting to relate their specific situations to information disclosed within.
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I find myself at the edge of my seat whenever it is time for the Federal Budget to be announced. We never really know what the government will be committed to in the upcoming year until it is officially announced — what they will support, what they will make a priority, or even unfortunately what may be lost in the shuffle. Fortunately, it looks like this year will bring about some positive changes that will help Canadian businesses in a still-recovering economy.
“At Pinnacle Litho, we had thought we could not qualify for the SR&ED program, and so had never claimed before we started working with Northbridge. The level of professionalism and knowledge of the Northbridge staff made the claim process easier than anticipated. Due to their professionalism and knowledge of SR&ED activities, they were able to put together a two year claim within a short period of time, which we would have had difficulties with had we been working on our own for this process.”
Pinnacle Litho Inc has been one of the leading full-service digital and offset printers in Ontario since 1996. They are highly committed to both their customers and the environment, and have implemented sustainability practices in their business, greatly reducing their carbon footprint.