In short, companies at all stages - startup, growth, and maturity - might be eligible for the SR&ED tax incentive program. To that end, they must conduct admissible R&D activities in Canada, advance scientific knowledge, and have the records to prove it. You'll know exactly if your business is SR&ED eligible by the time you finish reading this article.
Businesses often don’t fully understand the benefits of the program and therefore don’t identify their opportunities for SR&ED eligibility. As various myths surround the program, it’s often difficult to determine if applying is worthwhile. In this article, we’ll look at some of the myths to help you better understand SR&ED eligibility.
To ensure that you obtain your tax credit as soon as possible, you'll need to provide supporting documentation and records to substantiate the job you did and the expenses you made. However, if this is your company's first time submitting, you may not be completely aware of all of the CRA's documentation requirements.