With the lingering effects of COVID-19 ever so present in today’s society, many healthcare companies across Canada have worked tirelessly to find remedies or invent products to protect the every day Canadian. With over 2600 health care companies across Canada making it their mission to invest in our future, the Canadian Government continues to reward these efforts with the SR&ED Tax Credit Program.
The SR&ED program is a 15% to 35% ITC for companies qualified SR&ED expenditures (rates vary depending on if the company is a CCPC or non-CCPC). With an expiration date of 18 months from a company’s year end, the tax credit aims to reward companies for their work carried out in the field of science or technology that is either basic research, applied research and/or experimental development that is trying to prove an uncertainty. With the healthcare industry, many companies focus on the development of a product or the science of a formulation but there is also IT/software components that can be claimed. Below are a few examples of SR&ED eligibility.
Braithwaite Canada takes a 7-step approach to maximize every R&D Tax Credit Claim filed to CRA (Detailed description of the 7-step approach).
For further information on how Braithwaite Canada can assist your company in successfully preparing an SR&ED Tax Credit claim to CRA, please contact us today.
Source: Crunchbase & Government of Canada
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