In the bioscience and food sectors, a company’s innovative products or services differentiate it, make it profitable, viable and sustainable, and help increase it’s speed to market.
One of the most helpful tools that is available to support companies developing innovative products is the Scientific Research and Experimental Development Tax Incentive Program.
The SR&ED Program is a federal tax incentive program designed to encourage Canadian businesses of all sizes, and in all sectors – but particularly small to medium and start-up firms – to conduct research and development (R&D) in Canada that will lead to new, improved, or technologically advanced products, processes, devices, and materials.
Grant Thornton’s Greg MacDonald explains the SR&ED Tax Incentive program
However, to be successful when claiming the Scientific Research and Experimental Development (SR&ED) tax credit, the focus must shift from how innovative your product is, to the scientific or technological advancements you needed to make in order to be able to develop it.
To help companies navigate this terrain, Emergence financial partner, Grant Thornton, recently hosted a seminar – and a cheese & wine networking session – at their Charlottetown offices.
At this seminar, Grant Thornton’s Greg MacDonald walked participants through the various SR&ED tax credit program criteria – the very practical ins and outs of identifying SR&ED within your company’s R&D – so that participants can clearly articulate it in their claim.
This seminar formed part of the Emergence Expert Education Program: which is designed to deliver a range of value-adding educational roundtables, workshops and seminars to enhance the business skills of Canada’s bioscience and food entrepreneurs.
The Expert Education Program forms part of our Professional Service Provider Program, which provides support specifically to bio innovators and entrepreneurs.
Through the Professional Service Provider Program, Emergence has partnered with leading providers of professional financial, legal and IP services to support our clients’ growth.
Click here to read more about this initiative, and to check out our incredible Partners!
About Grant Thornton
Grant Thornton’s advisory and tax professionals are passionate about helping bio companies succeed. The start-up and early growth phases are often the most difficult period and require the owners and managers to educate themselves about many areas of business including accounting and finance. Grant Thornton’s team enjoys educating clients about these topics and helping them comply with stakeholder requirements. Grant Thornton is one of the world’s leading organizations of independent assurance, tax and advisory firms with over 31,000 Grant Thornton people across 100 countries around the world.