What is SRED? Your Competitors are getting funding, why aren�t you?
Every year in Canada over 2 billion dollars of funding goes to small and medium sized manufactures through a little known program known as the SR&ED program. Your competitors might be the ones capitalizing on the program, and your company may also be eligible for work you have performed already or work you plan to perform. It is estimated that there is almost $2.5 billion dollars in funding that has qualified but goes unclaimed because companies are not aware of the program, not able to complete the submission accurately or on time, or are not aware that the type of work they are doing does actually qualify.
How does the program work?
The SR&ED program, formally known as the Scientific Research and Experimental Development program was introduced by the federal government in 1980 and has proven to be substantially beneficial for many companies including food manufacturers. It allows a maximum payment of $700,000 per year and can include wages, materials, overhead and possibly salaries for owners or managers. This may end up being a substantial sum of money for your business.
What types of companies will qualify?
Food companies are a great candidates for the program as they are often creating new products, improving existing products or perfecting new processes. Many companies currently in business assume they will not qualify for the program because they don�t have a specialized R&D department or revolutionary innovations taking place. This assumption is false and in fact many companies do qualify from work they may have already performed. The goal of the SR&ED program is to promote innovation in Canada in all sectors and to encourage Canadian companies to perform R&D that will lead to technologically advanced products or processes, therefore strengthening the competitive advantage of Canada. What may be holding some companies back from applying is the confusion around what exactly qualifies as technologically advanced products or processes.
Who can help?
Making an SR&ED claim is a fairly complex process: it requires identifying eligible projects; capturing the cost of those projects; making the appropriate claim in your tax return, writing a technical report to support the claim and often times attending a review meeting with government officials. Fidelity Consulting Group has the expertise you need to make your R&D filing a smooth process with no surprises or risks. Fidelity Consulting Group, Inc. is a Winnipeg based business advisory company that specializes in preparing grant documentation, including scientific research and experimental development (SRED) documentation. Our business is designed to allow your business to obtain federal funding currently in place for innovative small and medium sized businesses. We work with your management to identify grant opportunities and capitalize on the R&D innovation you may have already performed or will perform in the near future. Fidelity Consulting Group offers free consultations and we never bill you for our services unless you receive funding. Working with Fidelity Consulting Group is risk free and has proven to be beneficial to companies just like yours.
For more information or a free consultation contact Fidelity Consulting Group at (204) 990-3380
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