SR&ED (pronounced ‘shred’) stands for Scientific Research & Experimental Development. It’s essentially the government’s way of rewarding those investing in innovation and development by offering tax incentives for research & development that is being carried out within businesses throughout Canada. You can gain Investment Tax Credits (ITCs) in the form of a cash refund, a reduction in income tax payable or both.
The initiative was introduced in 1944 and was the first of its kind in the world. In its current form, SR&ED has been in place since 1986 and is a matured scheme which is being taken advantage of by thousands of companies across the country. On average, and based on which province your company operates, you can potentially claim typically around 40% or more of the project costs!
Globally, our experts have been helping business clients recover scientific research and experimental development (SR&ED) and other tax-related incentives and credits for over 10 years.
To date, we have identified and successfully claimed the equivalent of nearly half a billion Canadian dollars in tax incentives for our clients.
The rules and laws surrounding government incentive programs and taxation are complex and we understand how they can be overwhelming to business operators.
Even many well-qualified accounting professionals are unfamiliar with the extent of the tax incentives that their clients may qualify for and how best to access them. Catax does all of the hard work for you in identifying and claiming tax incentives that are owed to your business. Our services are always completely confidential and, with us, there are no complicated forms to complete, no legal language to decipher, and no tax law to figure out.