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Checklist of qualifying SR&ED activities
Have you tried to make improvements to an existing product?
Have you tested a prototype or developed a new product?
Have you enhanced the capabilities of any production equipment?
Have you investigated or tested new materials?
Have you made any modification to an existing software system or designed a new one?
Have you made any improvements to existing production processes?
Here are some examples of industries that qualify for the program
- Chemical products and processing
- Computer science
- Design and construction
- Distributor and wholesaler
- Electronics & optics
- Food sciences
- Information technology
- Life and health sciences
- Machinery and equipment
- Medical devices
- Plastics and rubber
- Robotics systems
- Software engineering
If your answer is yes to any of the above questions, you may qualify for the SR&ED program. Many companies overlook the tax incentive program because they do not think their company engages in any “scientific research” or development activities or the company is too small to file a claim. GRS’s team of SR&ED specialists can qualify the SRED activities and help you get back the tax credits to could amount to substantial savings.
THE THREE PILLARS OF SR & ED
Pillar 1 – Technological Advancement
- Developed advancement not from previously existing or available in standard practice
- Need not be leading edge on a world scale. This is the goal and it should be measurable
Pillar 2 – Technological Uncertainty
- Not knowing whether goals can be achieved
- Outcomes could result in failure or partial success.
Pillar 3 – Technical Content
- Qualified personnel with relevant experience in science, technology or engineering
- Systematic Investigation – Systematic series of experiments or analyses need to be planned to test the hypothesis