Canada’s biotechnology and life sciences industry is experiencing rapid growth and development, making it a global hub for scientific research and innovation. Canada’s biotechnology sector has recently gained international recognition for its unique strengths and capabilities and as a key player in the development of innovative solutions across healthcare, agriculture, and environmental challenges. Several…
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Introduction to Canada’s SRED Tax Credit/Refund Program SR&ED stands for Scientific Research and Experimental Development. The SR&ED tax credit program is available to companies operating in Canada that invest and engage in experimental development in Canada. Every year, the CRA issues in excess of $4 Billion CDN through the SR&ED tax credit program. Will my…
DetailsHow can you select and secure the right funding from the variety of Canadian options available without being a certified accountant or having a Master’s degree in business administration? This newly released book from Toronto-base funding expert Igor Chigrin can show you how. Any average business proprietor, executive, and employee can use this knowledge to explore…
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The Canada Revenue Agency (CRA) recently replaced the wording of its Eligibility of Work for SR&ED Investment Tax Credits Policy with new guidelines on the Eligibility of Work for SR&ED Tax Incentives. These changes bring up several questions for Canadian businesses: What does this change mean for Canadian corporations applying for SRED? Does this change…
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In every business, it is critical that the right value of research and development tax credits are claimed and that innovation as part of a business process is not missed. Hence the founding of Scientifically Advanced Business Intelligence Inc. (SABI.ai), the creator of Serenity, the utility for capturing real-time data on your R&D investments. …
DetailsIt’s a new year and it helps to go into it with a clear head. If you can get past one common point of confusion, then your 2015 could turn out that much brighter. Common misconception: Accepted as filed = SR&ED-eligible work Since the process of claiming SR&ED appears labyrinthine and frustrating to the layperson,…
DetailsIn the 2018 Ontario Budget released in March, the Ontario Government announced proposed changes to the Small Beer Manufacturers’ Tax Credit. On Monday (Apr 9), Ontario’s Minister of Finance, Charles Sousa, highlighted some of those proposed changes and what they would mean for Ontario’s small breweries in a more practical way. What’s the Big Deal…
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In the intricate landscape of preparing Scientific Research and Experimental Development (SR&ED) claims, it’s not uncommon to encounter projects that seem too small, too insubstantial, or too lacking in support to warrant the effort and cost of including it in a claim. This perspective can inadvertently lead to missing opportunities with SR&ED potential. The real…
DetailsThe CRA pre-screens SR&ED claims, to decide which ones to audit, through computer screening, where artificial intelligence indicates projects for review based on red flags encountered via their predetermined set of risk management algorithms, or human assessment. Sometimes, claims are randomly selected for review. Since the computer and random options are automated, let’s look at…
DetailsIn the SR&ED world, exhaustive systematic experimentation is usually the bread and butter. It takes up lots of claimable employee hours, and it uses up real-world resources that will never be commercially sold. Provided technological uncertainty can be established and great records are kept, you have yourself a claim. But what happens when companies have…
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Welcome to SRED Spring Training 2023! Lots of things are happening in the world of sports, right now ﹘ the NHL regular season is winding down and heading toward the trade deadline, March Madness in NCAA basketball is about to start, we’re halfway through the NBA regular season, and the World Baseball Classic is…
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As a seasoned accountant, you are no stranger to the rules and procedures set out by the Canada Revenue Agency, especially around SR&ED tax incentives, which can be complicated and sometimes even confusing. The federal Scientific Research & Experimental Development (SR&ED) program is the largest R&D incentive program in Canada. SR&ED tax credits could…
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SR&ED claims encompass more than just lab work, reports, and research – in fact, improvements to products, new processes, analytics, and testing all fall under the blanket of SR&ED and can be claimed for tax credits. One of the most sought-after sectors eligible for SR&ED claims is the ever-developing cannabis industry. Since it’s still…
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The food and beverage industry, which encompasses everything from restaurants to bakeries, breweries, distilleries, and soft beverage producers, to commercial kitchens and food producers, is an exciting, diverse, and highly innovative industry. For companies in this space, claiming SR&ED tax credits presents a unique opportunity. Many do not consider filing SR&ED for food and beverage…
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Innovation is essential to every business- large or small! If your business could get paid to innovate, what doors would that open for you? It is possible to receive funding for new and innovative ideas. Even if your original objective was not achieved, any Canadian-controlled private corporation (CCPC) may have SR&ED-eligible projects! The…
DetailsPrior to the release of Federal Budget 2018, there were fears that Finance Minister Bill Morneau would announce measures to limit loss carryovers or SR&ED tax credits. This did not turn out to be the case. But, as with most things, there were good news and bad news takeaways for businesses. Some of these are…
DetailsWelcome to SRED Spring Training 2020 Lots of things are happening in the world of sport, right now. But perhaps one of the most anticipated events on the sports calendar is the start of Spring Training in Major League Baseball. Fans hope that their team will continue the successful run they had at the end…
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Welcome to SRED Tax Credit Spring Training 2022 Perhaps one of the most anticipated events on the sports calendar every year is the start of Spring Training in Major League Baseball. It’s an opportunity for all team members to establish good working habits for the coming regular season, a season that for two teams will…
DetailsThe year 2020 has been dubbed the year of perfect vision. It’s pretty safe to say no one ever envisioned COVID-19 becoming the story of the year the way it has. Whatever our individual opinions and feelings and fears about this situation, and the impact social isolation has had on our lives, Canada’s SR&ED tax…
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Perhaps one of the most anticipated events on the sports calendar every year is the start of Spring Training in Major League Baseball. It’s an opportunity for all team members to establish good working habits for the coming regular season, a season that for two teams will lead to an appearance at the coveted World…
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In the dynamic and varied landscape of Canadian small businesses, innovation is a necessity for survival and growth. One significant, yet often underutilized tool for fueling this innovation is the Scientific Research & Experimental Development (SR&ED) tax credit program. The Canadian Government designed this initiative as a testament to its commitment to fostering a thriving…
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In the competitive landscape of the tech industry, companies engaged in AI, computer science and software engineering continually seek innovative solutions to stay ahead. One often overlooked but critical area in software development is the concept of system uncertainty. The concept of technological uncertainty is a key part of an SR&ED tax credit claim.…
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