Innovation Tax Credits
Our federal and provincial governments is well aware of the benefits innovation has on our economy. In this perspective, several incentives have been introduced by way of our tax legislation to encourage the undertaking of scientific research and experimental development ("SR&ED") activities.
Ranked 22nd in terms of innovation at the World Economic Forum, and because of a steady decline in employment in Canada since 2012, Canada has an interest in having its SMEs grow. And to do so, innovation is frequently required.
Although our previous Conservative government significantly reduced the amount of SR&ED tax credits, the current government announced in its last budget an intention to reverse this trend within its Innovation Program. The Department of Innovation, Science and Economic Development is currently finalizing its content.
Similarly, note that the Government of Quebec offers its own incentives for activities within its borders.
If your business understands the many potential pitfalls associated with the innovation process. If you hesitate to undertake risky projects that could enable your business to grow and develop new products. Contact us, we will be pleased to analyze your potential to obtain tax credits related to the coveted projects.