Contrary to popular myth, this credit is not limited to companies in the high-tech, biotech and pharmaceutical sectors. In recent years, there has been significant clarification to the SR&ED tax code which establishes more lenient interpretation of what qualifies. Today, the SR&ED Tax Credit can apply to a variety of areas including manufacturing, engineering, automation and controls, metal fabrication, machining, food manufacturing and information technology.
Does your company...
- manufacture products?
- develop new, improved or more reliable products/processes/formulas?
- develop prototypes and models including computer generated models?
- design tools, jigs, molds and dies?
- develop or apply for patents?
- conduct testing of new concepts and technology?
- develop new technology?
- attempt using new materials?
- add new equipment?
- develop or improve production/manufacturing process?
- develop software or hardware?
- automate/streamline internal processes?
If your company involved in any of the above mentioned activities, you may be eligible for SR&ED Tax Credit.