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Looking for Government R&D Funding?

There are two main Government R&D government r and d funding sred and irapfunding sources designed to help Canadian companies undertake technology innovation: Industrial Research Assistance Program (IRAP) and Scientific Research and Experimental Development (SRED).  IRAP funding is granted on a pre-approved basis to fund a project, whereas SRED is a tax credit covering up to 68% of eligible expenditures.

IRAP

For companies contemplating projects that would demonstrate technological innovation, and would like to have the project funded, IRAP may be a good option.

IRAP Eligibility criteria

To be considered for IRAP funding, the company must meet some basic criteria and consult an Industrial Technology Advisor from the National Research Council who will assess each project individually based on the strength of the company and specific aspects of the project.

Basic Criteria:

  • be a small and medium-sized enterprise in Canada, incorporated and profit-oriented;
  • have 500 or fewer full-time equivalent employees; 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.

Assessment of the Company and Project:

  • the business and management capabilities of the firm and the company’s potential to achieve the expected results and outcomes associated with the proposed project;
  • the financial capabilities of the firm and its plan to commercialize the developed technologies; and
  • the technical aspects of the project and its potential impact on the firm.

SRED

SRED may be a better Government R&D Funding option for companies who are already making technological breakthroughs in the course of their business activities.

SRED Eligibility criteria

The CRA outlines three requirements your business must complete to earn SR&ED credits:

  • You attempted to overcome a technological uncertainty
  • You used unfamiliar, systematic research and development to solve the problem
  • You aimed to advance a science or technology in the process

While the experiments must be conducted with a measurable goal, they can involve basic or applied research.  This could include many types of research and experimental activities, so don’t be dissuaded if you’re not conducting pure scientific research. For example, experimentation around the goal of improving an artificial flavouring for food or beverage could be eligible.

Your projects do not need to be successful to qualify for funding, as long as you can provide evidence of the attempt.

SRED Consultants

Unlike IRAP, SRED claims must be completed without the guidance of a Government consultant and often requires an in-depth understanding of the program to take maximum advantage of it.

Although the SR&ED program is an amazing financial opportunity, with over $3 Billion dollars in funds distributed yearly to businesses across all industries, complex legislation and complex report preparation have created barriers for businesses which are otherwise eligible to take advantage of it.

In fact, it is normal for businesses preparing their own SR&ED claims to experience significant difficulty in determining which expenditures are eligible. This may lead to eligible expenses going unclaimed.

Who is Enhanced Capital Recovery?

Professional consultants such as those at Enhanced Capital Recovery are available to help clients capitalize on their applications and benefit most from the company they worked hard to build.

Our team has brought success to numerous organizations, including those whose claims were initially turned down by the Canadian Revenue Agency. Your company will work with SR&ED Consultants knowledgeable in the industry to recover the most funding possible.

For more information about SRED, IRAP or Province specific R&D funding opportunities, please submit a contact form and our team will arrange a free assessment of your case.








 

Given Up on Federal R and D Tax Credits?

Has your company investigated federal R&D tax credits, such as Scientific federal tax credit SRED ConsultingResearch and Experimental Development (SRED) and been disappointed or dissuaded by the results?  Or perhaps you’ve hired an accounting or consulting firm to handle your SRED claim and still not had much success?

Enhanced Capital Recovery has worked with several companies who have been in the exact same position – including one where an accounting firm or SR&ED consulting firm had dismissed the viability of a SRED claim and yet a valid claim existed!

In the case of a technology start-up we have worked with over the past 5 years, an accounting firm as well as the CRA had discouraged the company stating that their projects did not qualify for SR&ED.  Fortunately, an insider recommended a review by Enhanced Capital Recovery.  We looked at their challenges and how they were trying to overcome them and over a 15 min call assessed that they were eligible for SR&ED. Over the last 4 years we have helped the company recover in excess of 750,000 dollars which they have since reinvested to grow their business!

What did Enhanced Capital Recovery do differently?  By engaging a technical expert who understood the company’s technology challenges on a technical level and being able to articulate them in a manner the CRA recognized as a valid SR&ED application, we created a successful SRED claim out of a potentially failed one.

If you’ve had a failed SRED claim or have given up the idea claiming for SRED because of the effort it takes to put a claim together, consider a 15 minute discovery call with an ECR consultant.  We’ll ask you some relevant questions and very quickly assess the validity of your claim.

We will then engage a technical specialist knowledgeable in your industry who can further assist in identifying and documenting all the challenges you have tried to overcome so you have a complete and successful claim where all your eligible expenses are recovered.

Our goal is to assist companies such as yours to truly understand what SR&ED is, what areas in your organization may be eligible under the program, and then assist you through the entire process.

Let us do all of the work so it is a positive experience for your team that enables you to work on more eligible projects and increase your competitive advantage- all with no upfront costs for your organization.

We’ve helped many companies identify, document and successful claim SRED – let us review your claim to maximize your SR&ED return today.  Read more about why we are industry leading SRED consultants.

For a free consultation, complete our contact form, call us at 1-800-470-0235, or email us at info@enhancedcapitalrecovery.com.