What are the IRAP Funding Programs for research and development?
IRAP is an Research and Development funding source managed by The National Research Council (NRC) to help the growth of innovative businesses in Canada. Unlike SR&ED, which is a tax credit that is claimed after innovative research and development has occurred, IRAP is a non-repayable grant that is applied for before innovative research takes place. It’s important to look into both R&D funding programs as IRAP covers costs that are sometimes not covered by the SRED program.
As an added incentive, IRAP funding means your projects could also qualify under the Scientific Research and Experimental Development (SR&ED). Enhanced Capital Recovery prides itself in supporting its clients in securing IRAP, SR&ED as well as other funding to help increase the client’s innovation edge.
Is my company eligible for IRAP funding?
One of Canada’s best R&D funding programs, IRAP offers financial assistance under 4 categories. We can help you determine which category your project would have the best chance of success under.
- Small Technology Innovation Projects, or the Accelerated Review Process (ARP)
- Mid-sized Technology Innovation Projects
- Youth Employment Strategy Programs
- Digital Technology Adoption Pilot Program (DTAPP)
To meet the basic eligibility criteria for IRAP funding, your company must:
- Be a Canadian SME, incorporated and profit-oriented; and
- Have the objective to grow and generate profits through development and commercialization of innovative, technology-driven new or improved products, services, or processes in Canada.
In order to receive IRAP funding both the firm and the project are evaluated by one of IRAP’s Industrial Technology Advisors (ITAs) located across Canada. Our R&D funding consultants will help you get prepared to meet the ITA and improve the chances of success as well as speed of approval.
The following are some of the due diligence items that the IRAP Advisor will consider:
- your organization’s financial capabilities and the viability of its plan to commercialize the developed technologies;
- your project’s technical aspects and its potential impact on the organization; and
- your organization’s management capabilities and ability to achieve the expected results expected from the proposed project;
Why choose Enhanced Capital Recovery for IRAP?
Enhanced Capital Recovery provides end-to-end project support – from the IRAP project proposal, through tracking and documentation processes of the work being done to the monthly IRAP claims and submitting the final report. Let us walk you through the process and guide you each step of the way.
ECR’s comprehensive IRAP consulting service includes:
- Support and guidance preparing the IRAP Project Proposal
- Support and guidance setting up the firm’s ability to track and manage time and costs spent on the project
- Support and guidance with the monthly IRAP claims process
- Support and guidance with the preparation of the IRAP Final Report
Contact Enhanced Capital Recovery, your one stop R&D funding consulting source in Canada, with offices in Vancouver, Edmonton and Toronto, and book a free consultation with one of our experienced consultants today.