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If your professional corporation conducts any research or development, it could be eligible for Canada’s Scientific Research and Experimental Development (SR&ED) tax incentive program. With over $3 billion in investment tax credits awarded annually, this initiative is the single largest source of federal government support for industrial research and development. It’s designed to encourage innovation, enhancing Canada’s competitiveness and economic strength in a global market.
Of the 18,000 claimants per year, 75% are small businesses, including professional corporations. However, making a SR&ED claim has specific scientific and accounting requirements. Your practice must be incorporated and you must be conducting research with a clear objective in mind, using the scientific method to frame your process.
We assist hundreds of professionals across Canada on an annual basis with their SR&ED claims. Working closely with you, we help identify eligible SR&ED projects, develop or review appropriate documentation, train your team, participate in CRA reviews and create an effective tax strategy for your organization.
Click here for more information about Canada’s SR&ED program and to learn more about how MNP can help your business take advantage of this worthwhile tax incentive for your research and development activities.
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