Product developers and engineers tend to have a certain vocabulary or frame of reference when it comes to their product development processes, which can vary slightly from industry to industry. These terms or concepts are commonly understood and form the background jargon for the work. However, these common industry phrases can be quite different from…
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Product developers and engineers tend to utilize a specialized vocabulary related to their industry processes. This vernacular, while varying across industries, is universally understood and forms the background jargon for the work. However, these common industry phrases can be quite different from SR&ED concepts, and not realizing the kinds of information your SRED Unlimited consultant…
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Scientific Research & Experimental Development (SR&ED) tax credits can be a valuable financial tool for businesses engaged in research and development (R&D). However, misconceptions surrounding this program may result in businesses losing out on real money. Let’s debunk some of these common SR&ED myths. SR&ED Myth #1: The SR&ED Tax Credit Program doesn’t really…
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Demystifying Encryption: What It Does and How It Works Jason Coyne, SR&ED Technical Writer specializing in technology, science, and safety. To mark this October’s Cybersecurity Month, we are providing a short guide to cybersecurity and cyberattacks. But, of course, every month is cybersecurity month. It is important to remain vigilant about protecting your…
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Cyberattacks: What They Are and What to Do About Them Jason Coyne, SR&ED Technical Writer specializing in technology, science, and safety. To mark this October’s Cybersecurity Month, we are providing a short guide to cybersecurity and cyberattacks. But, of course, every month is cybersecurity month. It is important to remain vigilant about protecting your systems…
DetailsThe CRA has announced updates to the guidelines for resolving claimants’ SR&ED concerns. They say they used stakeholder feedback to come up with the changes in a way that would streamline the administrative review process’ “timeliness and consistency”. Here’s the exact text of their overview of the changes: Reason for revision The changes made to…
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The CRA recently released a warning to companies who’ve been approached by third parties to prepare and submit an SR&ED claim on their behalf. Choose Your SR&ED Consultant Wisely It goes without saying that not all SR&ED consultants are the same. In their release, the CRA has stated that they’ve received claims “containing false…
Details[Article contents summarized from the media release in the link indicated below] The Province of Ontario is providing eligible Ontario Small Businesses that have been impacted by the province-wide shutdown up to $20,000. Eligible small businesses that have been required to close or significantly restrict services because of the province-wide shutdown might be eligible to…
DetailsWhile the SR&ED claiming guidelines can sometimes seem nebulous, there are some clear truths we can draw from it. One is that there are options that work better based on the size of your company. Some options work better for bigger companies, and others for smaller companies. A great example of this is the decision…
DetailsWhat is SR&ED? Canada’s Scientific Research and Experimental Development (SR&ED) tax credit incentive program provides more than $3 billion in tax incentives to over 20,000 claimants annually. It is the single largest federal program that supports business research and development (R&D) in Canada. SR&ED provides small and medium-sized CCPCs (Canadian controlled public corporations) with an…
DetailsTo ring in the new year, the key Canadian industry association CATAAlliance (Canadian Advanced Technology Alliance, or CATA) reaffirmed its support for Canadian innovation by calling on the Federal government to bolster existing tax-based innovation incentive programs. Their release constitutes an update of policy positions. They argue that it is more important to fix systems…
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The cannabis industry is on pace to see a record number of federal licenses revoked this fiscal year, largely at the request of the companies themselves. What does this mean for the competitive Canadian cannabis market? From MJBiz Daily:
DetailsMost countries around the world have some form of R&D tax credit program. In fact, more than 90 of the OECD’s top-performing countries have R&D tax credit programs including the U.S., China, the Netherlands, the UK, and France. These countries, as well as Canada, use OECD guidelines to define what constitutes industrial/business R&D: “Experimental development…
DetailsMany businesses have a difficult time trying think of their R&D projects in terms of SR&ED. One of the toughest parts of a SRED consultant’s job is explaining the program and trying to get the people they talk to think “SRED-ily”. SRED Tax Credits 101 The simplest way to describe it is SRED is not…
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DetailsAs of January 1st, 2020, Alberta cancelled the provincial Scientific Research and Experimental Development (SR&ED) tax credit. Instead, as of January 1, 2021, Canadian-controlled private corporations who conduct R&D in Alberta with eligible expenses are able to apply for the Innovation Employment Grant (IEG). The IEG is meant to work hand-in-hand with the Job Creation…
DetailsEvery year, over 20,000 Canadian-controlled private corporations, partnerships, and sole proprietorships receive in excess of $4 Billion CDN from the SR&ED tax credit program. Yet, despite that, many people still resist participating in the SR&ED program. Among some of the more common excuses we hear… “I’m too busy.” “I’ve got too many things on my…
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