What Is SR&ED?
SR&ED, or “SHRED” as most people call it, is a federal program which assists all Canadian businesses perform research and development, regardless of size and industry. It’s important to note, however, that the largest source of government support is seen towards industrial research & development. The CRA realizes that tax relief in the form of refunds or tax credits encourages companies to undertake projects with more risk, leading to innovation and trail blazing.
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The Canadian government understands that in order for companies to remain competitive in a global market, technology and innovation are their greatest asset. Companies that spend the most on technical product and process development are the ones that are most likely to remain in business, hire skilled labour, and contribute to the local economic tax base. These same companies tend to also be more resilient in bad economic times.
All members of G7 countries have an R&D tax credit program in place. Canada’s SR&ED tax credit program, however, happens to be one of the most generous and rewarding in the world, offering Canadian companies up to a 45% tax refund in some provinces. This isn’t something that’s new, the Canadian research incentive has been available since 1944! Have you been missing out?
Continue Reading About the SR&ED Tax Credit Program in Canada.