Transcript - Video 1: Who can claim SR&ED tax incentives?
Do you know what one of the most common misconceptions about the scientific research and experimental tax incentive program is? It's that the SR&ED program is only for large businesses that do white lab-coat, scientific research.
... but it's not.
Of course large businesses may qualify, but small businesses have equal access to the SR&ED tax incentive program as well, and it's for all sorts of R&D work.
Corporations, individuals, partners of a partnership, and beneficiaries of a trust can all take advantage of these Government of Canada incentives.
It's pretty cool...
So, who's this program for? Well...you! Maybe you've developed a new product, or improved an existing one. Or maybe you've taken an existing process and made it better, or just created a new one. If you've conducted R&D for any of this, you may qualify!
If you're doing R&D, then the government of Canada wants to help! In fact, you can get investment tax credits on your qualified expenditures in the form of a cash refund, a reduction of taxes payable, or both.
Whatever R&D work you are doing, your investment tax credit would be from 15% up to 35% of your qualified expenditures – there could be a tax credit for you!
In the next several videos I'm going to walk you through some of the basics, and some of the not-so-basics. We'll cover what work qualifies and how much you can claim. And, finally, I'll take you through filing a claim – what to expect and how to get it done.
So if you're involved in R&D, stick around! You just might save some money.
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